OPEC+ angers US with biggest oil production cut since peak Covid times
Saudi Arabia, Russia and other top oil producers agreed on a major cut in production on Wednesday to boost crude prices — a move denounced by the United States as a concession to Moscow that will further hurt the global economy.
The 13-nation OPEC cartel headed by Riyadh and its 10 allies led by Moscow agreed to reduce output by two million barrels per day from November at a meeting in Vienna, the group said in a statement.
It is the biggest cut since the height of the Covid pandemic in 2020, raising fears that it will turbocharge oil prices at a time when countries are already facing soaring energy-fuelled inflation.
