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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.

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. 

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