London: OPEC has decided to cut oil production to overcome the fall in international crude oil prices. 20 lakh barrels per day will be reduced. This is the first time since the pandemic that such a large amount has been cut and US President Joe Biden has asked not to cut oil production. The decision of the Association of Production Countries was published without considering this. Production will be reduced from November.
Oil prices, which rose earlier this year, have fallen sharply recently. Due to the financial crisis in China, the United States and Europe, demand fell and the price fell. Following the Ukraine sanctions, most NATO countries announced an oil embargo against Russia. However, Russia solved this by increasing exports to China and India. The United States has been pushing for a decision by the G7 countries to impose price controls on Russian oil, but has not seen success.
