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

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)
Bloomberg
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...

More Energy

TTR seabed mining bid not affected by law change
Primary Sector

TTR seabed mining bid not affected by law change

No-go zones will not apply to controversial mining bid.

If Māui closes, Methanex's future is murky says Fuge
Markets

If Māui closes, Methanex's future is murky says Fuge

A constant state of unease is needed in the energy sector says Contact boss.

Ian Llewellyn 17 Sep 2025
Govt to change offshore renewable regime
Primary Sector

Govt to change offshore renewable regime

No-go zones for seabed mining proposed.

Ian Llewellyn 17 Sep 2025
What will ministers tell electricity bosses?
Policy Analysis

What will ministers tell electricity bosses?

The urge for electricity market reform is strong, but needs to solve the right problems.

Pattrick Smellie 11 Sep 2025