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...

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