{"id":527796,"date":"2022-10-07T11:07:57","date_gmt":"2022-10-07T05:37:57","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=527796"},"modified":"2022-10-07T12:58:38","modified_gmt":"2022-10-07T07:28:38","slug":"explained-what-is-opec-and-why-did-it-slash-oil-output","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/explained-what-is-opec-and-why-did-it-slash-oil-output\/","title":{"rendered":"Explained | What is OPEC and why did it slash oil output?"},"content":{"rendered":"<p>Saudi Arabia, Russia and many other top oil producers agreed on Wednesday to massively cut down production to boost crude prices\u2014a move denounced by the United States as a concession to Moscow that will further hurt the global economy. <\/p>\n<p>The 13-nation OPEC cartel, headed by Riyadh and 10 of its allies led by Moscow, agreed at a meeting in Vienna to reduce output by two million barrels per day (bpd) starting in November, the group said in a statement.<\/p>\n<p>It is the biggest cut since the height of the Covid-19 pandemic in 2020, raising fears that it will turbocharge oil prices at a time when countries are already facing soaring energy-fuelled inflation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Saudi Arabia, Russia and many other top oil producers agreed on Wednesday to massively cut down production to boost crude prices\u2014a move denounced by the United States as a concession to Moscow that will further hurt the global economy. The 13-nation OPEC cartel, headed by Riyadh and 10 of its allies led by Moscow, agreed at a meeting in Vienna to reduce output by two million barrels per day (bpd) starting in November, the group said in a statement. It is the biggest cut since the height of the Covid-19 pandemic in 2020, raising fears that it will turbocharge oil [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[146,130,177],"tags":[],"class_list":["post-527796","post","type-post","status-publish","format-standard","hentry","category-deccan-herald-newspapers","category-newspapers","category-oil-gas-deccan-herald-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/527796","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=527796"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/527796\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=527796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=527796"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=527796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}