OPEC+ decided not to change the production quotas for its members at its latest meeting, which took place on Sunday. The group had agreed in November to reduce these quotas by a combined 2 million bpd, which amounted to an effective production cut of 1 million bpd in response to a weaker economic outlook. The decision drew the ire of the Biden administration, which had repeatedly asked the de-facto leader of OPEC, Saudi Arabia, to boost oil production as it struggled to reduce retail fuel prices. Now, the decision to keep production capped comes…
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