United States Treasury Secretary Yellen told the Finance Times that OPEC oil cuts will hit the global economy badly.
A decision was taken to reduce oil production by two million barrels per day(bpd).
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They said that OPEC+ decided to keep the market stable.
Why did this?
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By doing this, the price of oil will increase. OPEC members have taken this decision because they are making good money. That's what the critics are saying.
Brent crude rises 1.7% after Opec+ decision. A barrel increased by 93 dollars.
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Biden went to Saudi Arabia in July to ask for an increase in oil production, but it backfired.
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Gallon gas price was five dollars in June and OPEC made a similar announcement while the gas price is slowly decreasing.
The White House announced that Biden was disappointed with the decision taken by OPEC countries
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