OPEC+ agrees to cut output 2m barrels a day despite U.S. pressure

Saudi Arabia and other group members have said they seek to prevent volatility

The U.S. had pushed OPEC not to proceed with the cuts, arguing that fundamentals don't support them, a source familiar with the matter said. © Reuters

October 5, 2022 23:20 JST

Updated on October 6, 2022 00:40 JST

VIENNA/LONDON (Reuters) -- OPEC+ agreed its deepest cuts to oil production since the 2020 COVID pandemic at a Vienna meeting on Wednesday, 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 U.S. interest rates and a stronger dollar.