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OPEC+ agrees to the biggest oil production cuts since the start of the pandemic

VIENNA – The Organization of the Petroleum Exporting Countries and its Russian-led allies agreed on Wednesday to cut oil production by two million barrels a day, delegates said, in a move that could boost already high global energy prices and help oil exports. Russia is paying for its war in Ukraine.

The decision could undermine plans by the Group of Seven wealthy nations to cap the price of Russian oil on the world market as part of the West’s economic battle with Moscow. It comes less than three months after President Biden visited Saudi Arabia, the de facto leader of OPEC, in an effort to improve relations between the world’s biggest oil consumer and its top crude exporter amid a period of rising inflation, partly due to high energy prices. prices.