OPEC+ decision to maintain production marks end of oil’s turbulent year
The Saudi- and Russian-led cartel has both increased and decreased oil production this year, affecting global oil prices and relations with the United States in the process.
![The logo of the OPEC is pictured at the OPEC headquarters on Oct. 4, 2022, in Vienna, Austria.](/sites/default/files/styles/article_hero_medium/public/2022-12/GettyImages-1243716934.jpg?h=657ddd4c&itok=udi9R0ZK)
The Organization of the Petroleum Exporting Countries (OPEC) and its allies have decided against making any major changes to their collective oil production.
The so-called OPEC+ alliance held its scheduled meeting Sunday, during which they agreed to maintain the 2 million barrels per day cut they agreed to in October. OPEC+ will wait for more “market clarity” before making any changes, according to S&P Global.