Belgium (Brussels Morning Newspaper) The world’s largest oil cartel agreed on a major cut in production at its meeting in Vienna on Wednesday, which will indirectly help Russia weather western sanctions and cope with the planned EU ban on Russian oil export.
The OPEC+ cartel gathers 23 of the world’s largest oil exporters, including most Gulf states and Russia, but excluding China, the US and most western democracies. At the Wednesday meeting in Vienna, the cartel’s members agreed on a significant cut in oil production, by about 2 million barrels per day, or around 2% of the world’s supply.
