OPEC+ will reduce oil production by two million barrels per day.

Representatives of the OPEC organization and other oil countries, led by Russia, agreed at a meeting in Vienna to reduce oil production by two million barrels per day. It is expected that the decision of OPEC+ will stimulate the growth of oil prices, which have fallen from $120 to $90 per barrel in the past three months. According to Reuters, the reduction in production will provoke retaliatory measures by the USA and the other G7 countries, limiting Russia’s income from the sale of oil to finance the war against Ukraine. In addition, Washington may decide to release additional supply from its oil reserves. Earlier this week, Joe Biden’s administration tried to convince Kuwait, Saudi Arabia, and the UAE to vote against cutting oil production at the OPEC+ meeting.