Move by world’s largest producers likely to unsettle western nations grappling with inflation
The oil price surged to $86 a barrel after the world’s largest producers announced a surprise cut in production , a move that is likely to prompt fresh tensions with the US as western governments try to get a grip on inflation.
The Opec+ group of countries, which includes major producers Saudi Arabia, Iraq and Russia, said they would slash production by around 1m barrels a day, accounting for about 3.7% of global demand.
