Opec+ makes shock million-barrel cut in new inflation risk

The surprise move could once again flare tensions between the US and Saudi Arabia. (Image: Getty)

Mon, 03 Apr 2023

By Matthew Martin and Grant SmithOpec+ has announced a surprise oil production cut of more than one million barrels a day, abandoning previous assurances that it would hold supply steady and posing a new risk for the global economy.Opec+ is made up of the 13 members of the Organisation of Petroleum Exporting Countries (Opec) and 11 other non-Opec members. It’s a significant reduction for a market where – despite the recent price fluctuations – supply was looking tight for the latter part of the year. Oil futures soar...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Stay informed on business, government and financial developments across New Zealand.
Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].interval) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

On the Money

On the Money: Dalai Lama, Shane Jones, & the Wahs

Dalai Lama gets persuaded to Up the Wahs and Jones is in the spotlight, again.

Dileepa Fonseka 5:00am

Technology

It’s not just TikTok. The world uses lots of Chinese tech

The US can’t and won’t ban every technology from China. So now what?

The Washington Post 5:00am

It’s not just TikTok. The world uses lots of Chinese tech

Bloomberg

Firms do better when more women are on boards: analysts

The most gender-diverse companies deliver higher shareholder returns than others.

Bloomberg 5:00am

Firms do better when more women are on boards: analysts

Sponsored

Why Kiwis are embracing Bitcoin ETFs

The once hard-to-access investment option is becoming mainstream.

Smart

Sponsored

Boost worker health, boost results

Research shows flexible workspaces improve health and productivity

Regus

More Energy

News in Brief

Supplier signed up for $450m Cook Strait cable replacement

Transpower has signed up global cable solutions supplier Prysmian for the $450 million job replacing the high voltage direct current submarine electricity cables linking the North and South Islands.The HVDC link, commonly referred to as the Cook Strait cable, is expected to come...

Ian Llewellyn 13 Dec 2024