An oil cartel led by Saudi Arabia and Russia has agreed its deepest cuts to production since the 2020 Covid pandemic – sparking fury in the West.
Opec+ will reduce output by 2m barrels of oil a day, equivalent to 2 per cent of global supply.
The move pushed the price of oil further above $90 a barrel, taking gains since last week’s low of around $84 to 12 per cent.
Crude tactics: Opec+ will reduce output by 2m barrels of oil a day, equivalent to 2% of global supply
The White House branded the decision ‘short-sighted’ given the strength of demand for crude worldwide, and the US could now release more oil stocks in a bid to lower prices, heightening tensions with Saudi Arabia and other Opec members.
The rising price is likely to push up fuel prices for British motorists.
RAC fuel spokesman Simon Williams said: ‘The question is when – and to what extent – retailers choose to pass these increased costs on at their forecourts.’
Relations have been strained between Saudi Arabia and the US.
Saudi Arabia has not condemned Moscow’s actions in Ukraine and US officials want lower oil prices to deprive Moscow of revenue.
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