Opec+ agrees oil output cut to prop up prices ...Qatar

Gulf Times - News
Opec+ agrees oil output cut to prop up prices
source : Gulf Times ( Qatar ) () 28
The Opec+ oil group agreed yesterday to cut production for the first time in more than a year as it seeks to lift prices that have tumbled due to recession fears. The move could irk the United States as it has pressed the group to increase output in order to bring down energy prices that have fuelled decades-high inflation. Opec+, a 23-nation coalition led by Saudi Arabia and Russia, had agreed to huge cuts in output in 2020 when the Covid pandemic sent oil prices crashing, but it began to increase production modestly again last year as the market improved. Oil prices soared to almost $140 a barrel in March after Russia invaded Ukraine. But they have since receded below $100 per barrel amid

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