OPEC+ agrees oil production cut

The Organization of the Petroleum Exporting Countries has agreed to a bigger than expected cut in oil production targets. The reduction in output is two million barrels per day from next month, squeezing supplies in a tight market. The United States has criticised the move.

epa10225189 Prince Abdulaziz bin Salman Al Saud (2-R), Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia, attends a press conference of the 33rd Organization of Petroleum Exporting Countries (OPEC) and non-OPEC Ministerial Meeting at the OPEC headquarters in Vienna, Austria, 05 October 2022. EPA/CHRISTIAN BRUNA Source: EPA / CHRISTIAN BRUNA/EPA