(MENAFN) According to a statement posted on the group's website, the member countries of OPEC+ have decided to reduce their daily oil output by two million barrels.
The cartel announced on Wednesday that the drop, which is going to be the biggest since early 2020, would go into effect in November.
The decision is being made, in the words of OPEC, "in light of the uncertainty that surrounds the global economic and oil market outlooks, and the need to enhance the long-term guidance for the oil market, and in line with the successful approach of being proactive, and preemptive, which has been consistently adopted."
It is now believed that the cutbacks, which are far tougher than most analysts had first predicted earlier this week, is going to stop the most recent decline in crude oil prices worldwide.
For the first time since the epidemic began in early 2020, energy ministers from the OPEC+ group led by Saudi Arabia and its allies’ non-members, including Russia, met on Wednesday at the cartel's Vienna headquarters.
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