INTRODUCTION TO THE VIDEO: On October 5, 2022, the Organization of Petroleum Exporting Countries and its allies, including Russia, agreed to reduce oil production by 2 million barrels per day. This is so much oil that it accounts for 2% of the world's oil supply, which can have serious consequences for economies all over the world, including the United States, the United Kingdom, and India. Given that both the United States and the United Kingdom are already on the verge of recession, this oil price increase could worsen their situation!!
As a result, the United States is enacting legislation known as the NOPEC bill!! And the UK government is implementing something called the Price Cap Strategy!!

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