Opec+ agreed its deepest cuts to oil production since the 2020 Covid pandemic at a Vienna meeting yesterday, 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. 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. “Higher oil prices, if driven by sizeable production cuts, would likely irritate the Biden Administration ahead of US mid-term elections,” Cit
Hence then, the article about opec agrees deep cuts to oil output despite us pressure was published today ( ) and is available onGulf Times ( Qatar ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details Finally We wish PressBee provided you with enough information of ( Opec+ agrees deep cuts to oil output despite US pressure )