MacroVoices #344 Alex Gurevich: A Deflationary Depression Lies Ahead
Macro Voices
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OPEC Plus Cuts Production by 2 Million Barrels
OPEC Plus announced a historic 2 million barrel production cut, outraging the White House and driving oil prices much higher. Most countries are going to have production quotas that come down but they're still well above the maximum amount that that country is capable of producing therefore it's meaningless. However, there are other countries, notably Saudi Arabia, Russia, United Arab Emirates, that are able to increase their production.
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