Pump up the pressure: OPEC + wants oil prices to keep rising

Last week, OPEC Plus cut global production of oil by 2 million barrels a day. Let’s unpack that. OPEC - the Organisation of Petroleum Exporting Countries - is basically a global cartel controlling oil prices. So what is OPEC Plus - the new and improved version?

Also, 2 million barrels… is that a lot? Because it certainly sounds like a lot. Finally, reporting around this decision suggests that what we’re seeing is the oil producers of the world siding with Russia… over the United States. As a result, the US announced they’re “re-evaluating” their relationship with Saudi Arabia.

Today Alec and Sascha ask: what do I need to know about OPEC Plus and their recent decision to cut oil production by 2 million barrels a day?

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