OPEC, allies to cut oil output amid declining crude prices ...Middle East

Oil-producing alliance OPEC+ announced on Monday it will slightly lower oil production in October, eliminating the 100,000 barrel per day increase that began this month. OPEC leaders made the decision after gathering for a meeting, where they noted the 100,000 barrel per day increase was only intended for September. OPEC produces around 28 million barrels per day. The 13-member alliance said in a statement the "higher volatility and increased uncertainties require the continuous assessment of market conditions and a readiness to make immediate adjustments to production." The price for a crude barrel of West Texas Intermediate (WTI) oil climbed 3 percent after the announcement, reac

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