CAIRO — The Organization of Oil Exporting Countries and associates, known as OPEC+, decided to cut oil production Oct. 5. The Egyptian cabinet's associated think tank the Information and Decision Support Center posted a video on Facebook Oct. 11 explaining the move and its repercussions.
It called the move a "new blow" that could send global energy markets into a tailspin in light of the sanctions imposed on Russian and Iranian oil exports and the unwillingness of US producers to raise their production levels, and that the decision will have an impact on oil-importing and developing countries that are in economic crisis.
