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Signaling US, OPEC+ agrees to keep oil production unchanged

Experts say the decision by Saudi Arabia, Russia and other major oil producers could be motivated by a desire to maintain calm with the United States.
A flame from a Saudi Aramco oil installion known as "Pump 3" is seen in the desert near the oil-rich area of Khouris, 160 kms east of the Saudi capital Riyadh, on June 23, 2008.  (Photo credit MARWAN NAAMANI/AFP via Getty Images)

Saudi Arabia, Russia and other major oil producers in the OPEC+ alliance agreed Wednesday to maintain their current level of oil output, in a move that will preserve the status-quo and please the Joe Biden administration. 

What happened: The Organization of the Petroleum Exporting Countries (OPEC) met on Wednesday with another group of oil producers including Russia, Oman, Sudan, Azerbaijan and six others. Together, these OPEC and non-OPEC members are known as OPEC+. 

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