US President Joe Biden expressed his disappointment with the decision of the “OPEC +” alliance to reduce production.
Sources told Reuters on Wednesday that the “OPEC +” group decided to reduce oil production by two million barrels per day, starting from next November, in a move aimed at supporting prices that witnessed in the third quarter the first quarterly loss in two years.
The large cuts approved by the “OPEC +” group, the largest of 2020, came despite pressure from the United States and other consuming countries to pump more oil into a market that the West sees as already suffering from “scarce supplies.”
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