Why don’t the major oil-producing countries reduce their prices?

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Russia produces more than 10 million barrels of oil per day and helps OPEC keep prices high

The world’s major oil exporters agreed to increase production slightly in September, in an attempt to rein in prices.

The member countries of the OPEC Plus group of oil producers – including Russia – will jointly increase their production by about 100,000 barrels per day.

This slight increase follows an increase of 600,000 barrels per day that occurred in July and August.

The oil-importing countries demanded a larger increase than that, in order to reduce oil prices.



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