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OPEC + cuts oil production sharply and threatens to open the door to more inflation | energy

Saudi Arabia and other oil monopolists who are members of OPEC+ announced on Sunday that they would cut production sharply, by less than 1.16 million barrels per day. The announcement came on the eve of the organization’s meeting scheduled for Monday, and caught market analysts and government officials around the world by surprise. The US federal government was among the first to respond, saying this was an “not recommended” cut.