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The decision at a meeting of oil ministers Sunday comes a day ahead of the planned start of two measures aimed at hitting Russia's oil earnings in response to its invasion of Ukraine.
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The 2 million bpd cut in oil production was backed by Saudi Arabia and could benefit Russia. The OPEC+ meeting took place as much of the world is battling soaring energy costs and rising inflation.
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The agreement will create a path for major oil producers to eventually begin pumping more oil, ending an earlier dispute sparked by the United Arab Emirates.
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Oil prices have risen remarkably over the last few months. Now the powerful oil cartel is keeping a lid on supply in an attempt to push crude prices even higher.
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The group had been expected to delay production increases for several months, given the ongoing impact of the coronavirus pandemic. But after days of deliberations it agreed on a small increase.
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Marathon video chats led to a record-setting 9.7 million barrels per day in cuts. But analysts say that's not a big enough drop to balance oil markets, given the total collapse in demand for crude.
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Ignoring pressure from President Trump to keep the oil flowing, OPEC, Russia and other producers have agreed to cut production. They hope to stem a 30 percent drop in oil prices in recent weeks.
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Qatar made the announcement early Monday — the same day it informed OPEC it is withdrawing from the group. The country says it wants to focus on producing natural gas.
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With the cut, OPEC's production will drop by 1.2 million barrels daily to 32.5 million barrels. The deal takes effect at the start of 2017.
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The oil-producing nations in the group gathered in Qatar to discuss the possibility of a production freeze, but Saudi Arabia balked at the idea of a freeze that didn't include Iran.