Oil cartel lowers output
OPEC+ agreed its deepest cuts to oil production since the 2020 Covid pandemic at a Vienna meeting on Wednesday, curbing supply in an already tight market despite pressure from the United States and others to pump more.
The cut could spur a recovery in oil prices that have dropped to about $90 from $120 three months ago on fears of a global economic recession, rising US interest rates and a stronger dollar. F
The United States had pushed Opec not to proceed with the cuts, arguing that fundamentals don’t support them, a source familiar with the matter said.
