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Did OPEC reduce oil production in a statement OPEC stated the decision to cut production was due to uncertainty that surrounds the global economic and oil Market Outlook but some are suggesting that the decision made in collaboration with Russia was a political move to destabilize relations between the U.S and Saudi Arabia [Music] why did Saudi Arabia slash oil production [Music] Saudi Arabias foreign Ministry said on Thursday that OPEC plus s decision to reduce oil production was purely economic last week the 23-member OPEC plus Alliance of oil producing countries agreed to reduce production by 2 million barrels per day citing uncertainty in the market [Music] when did OPEC reduce oil production [Music] led by Saudi Arabia and Russia OPEC plus slashed output by a record 10 million barrels per day in early 2020 when demand plummeted due to the covid-19 pandemic the oil cartel has since gradually Unwound those record Cuts albeit with several OPEC plus countries struggling to fulfill th