The intergovernmental organisation of 15 oil-exporting countries is slashing production by about 2-million barrels a day — the largest reduction since 2020
The intergovernmental organisation of 15 oil-exporting countries is slashing production by about 2-million barrels per day — the largest reduction since 2020Singapore — Oil prices rose for a fourth session on Thursday, with Brent at a three-week high, after Opec+ agreed to further tighten global crude supply with a deal to slash production by about 2-million barrel per day , the largest reduction since 2020.
The agreement between the Organization of Petroleum Exporting Countries and allies including Russia, a group known as Opec+, comes ahead of a EU embargo on Russian oil and would squeeze supplies in an already tight market, adding to inflation. The administration of US President Joe Biden has criticised the deal as being “shortsighted”. The White House said President Biden would continue to assess whether to release further strategic oil stocks to lower prices.
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