OPEC and its allies move to slash oil production by 2 million barrels a day
10/5/22
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from The Washington Post,
10/5/22:
A coalition of oil-producing nations, including Russia, announced Wednesday it would slash oil production by 2 million barrels per day, in a rebuke to President Biden that could push up gas prices worldwide, worsen the risk of a global recession and bolster Russia’s war in Ukraine.
The move by the Organization of the Petroleum Exporting Countries prompted a blistering reaction from White House officials who hinted at working with Congress to reduce the power of the oil producing consortium.
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