In the recent revision of its member countries’ production targets, the Organization of the Petroleum Exporting Countries (OPEC) and its ten petroleum exporting partners (collectively known as OPEC+) announced they would cut oil production by 2 million barrels per day (b/d) from November 2022.[1] This represents the largest reduction in production targets since the Alliance implemented a historic 9.7 million barrels per day cut in May 2020 to help oil markets recover from the collapse of…



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