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OPEC and Russia Agree to Slash Crude Output, Boosting Oil Prices 

HeadlineOct 06, 2022

The Organization of the Petroleum Exporting Countries has agreed to cut crude oil output by 2 million barrels a day. On Wednesday, OPEC members, led by Saudi Arabia and joined by Russia, voted to keep global prices high by imposing their sharpest cuts to the world’s supply of oil since the start of the COVID-19 pandemic.

The Biden administration sharply criticized what it called a “shortsighted decision” to cut production while the global economy suffers negative impacts from Russia’s invasion of Ukraine.

This comes amid growing calls for the Biden administration to ban exports of U.S. gasoline, diesel and other refined fuels. Food & Water Watch said in a statement, “Political leaders here at home must understand that the solution is not to increase drilling. Corporations are exporting record quantities of gasoline, and making record-setting profits as a result. … It’s time to take real action to rein in this outrageous corporate profiteering.”

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