Oil production is being cut back – again

The eight countries within the Opec+ alliance have decided to extend the voluntary reduction of oil production until the end of December.

This is the second time the countries – Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman – are extending the reduction of production. One reason is falling crude oil prices and generally uncertain forecasts about the future economy.

The production reduction is 2.2 million barrels per day.