The OPEC+ grouping’s decision on Thursday to cut production further could end up resuming pressure on the profitability of state-run fuel retailers, delay possible cuts in interest rates and test the government’s inflation management in the run-up to the general elections next year. At a virtual meeting, the grouping’s members, including Russia, decided to pare output by a million barrels per day (bpd), taking the total reduction in the grouping’s output since late 2022 to over 6 million barrels a day, or over 6% of the global demand.
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