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In Rebuke to West, OPEC and Russia Aim to Raise Oil Prices With Big Supply Cut
Keywords: Opec Plus Oil Cuts October 2022,
Oil cuts of 2 million barrels a day or 2% of global oil production by OPEC Plus will lead to oil prices surging back up to levels seen earlier this year. Weakening of oil demand with a slowdown in China and the EU was leading to a drop in oil prices from the highs reached this year. OPEC Plus which includes Russia is taking this step to keep oil prices high.
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