Two independent developments this week again highlight the challenges facing the global economy in the near future. Oil plus, which includes Saudi Arabia and Russia, decided to trim production in a bid to keep the price high. The grouping, which produces a little more than 50% of the world's crude, plans to reduce output by 2 million barrels/day beginning November by using August's production as a benchmark. It's about 2% of production. Therefore, the planned cut will most likely set a floor to any price decline.
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