- The Organization of Oil Exporting Countries and associates, known as OPEC+, decided to cut oil production Oct. 5.
- It called the move a “new blow” that could send global energy markets into a tailspin in light of the sanctions imposed on Russian and Iranian oil exports and the unwillingness of US producers to raise their production levels, and that the decision will have an impact on oil-importing and developing countries that are in economic crisis.
- Aziz pointed out that Egypt is working to reduce its oil derivatives imports by expanding the use of natural gas vehicles and reducing dependence on gasoline in the local market.
<span>How OPEC+ production cut will impact Egypt</span>
