OPEC+ group announced a larger-than-expected production cut of 2 million barrels per day on Wednesday. President Joe Biden told reporters at the White House he thought the cut was ‘unnecessary,’ although he said he had yet to see all the details. Members of the Biden administration had been ‘pulling out all the stops,’ reaching out to partners in the Persian Gulf and warning of drastic consequences to the global economy if a production cut was announced, according to multiple people familiar with the situation. Russia is poised to benefit significantly from the decisions made at Wednesday’s meeting, which was attended in person by Russian Deputy Prime Minister Alexander Novak. The Kremlin is heavily dependent on oil export revenues to fund its war in Ukraine, and its own petroleum production has fallen . . .
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