Oil

Saudi cabinet emphasizes ‘pivotal role’ of OPEC+ in achieving balance in oil markets

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The Saudi cabinet emphasized on Tuesday “the pivotal role” of OPEC+ in achieving balance and stability in global oil markets, state media reported.

OPEC+, which includes the 13 members of OPEC and 10 allies led by Russia, agreed on Wednesday to lower their output target by 2 million barrels per day.

The decision was criticized by the United States where the White House said it was a sign the group was aligning itself with Russia.

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