OPEC Slashes Oil Output Weeks After Biden’s Fist Bump With Saudi Crown Prince

OPEC Slashes Oil Output Weeks After Biden’s Fist Bump With Saudi Crown Prince
A 3D-printed oil pump jack is seen in front of the OPEC logo in this illustration picture, on April 14, 2020. Dado Ruvic/Reuters
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Crude futures rallied on Sept. 5 after the Organization of the Petroleum Exporting Countries (OPEC) and its oil-producing allies, OPEC+, agreed to trim their production levels amid growing global recession fears.

The cartel plans to reduce output targets by approximately 100,000 barrels per day (bpd) beginning in October.

Andrew Moran
Andrew Moran
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Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."
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