The OPEC+ agrees to cut production for the first time in more than a year as it seeks to lift prices that have tumbled due to recession fears
OPEC's decision comes amid recession fears, Covid lockdowns in major consumer China, and Iran nuclear talks that could bring Iranian crude back into the market.
The group also left the door open to holding talks prior to its next scheduled meeting on October 5 "to address market developments, if necessary". "The simple tweak shows that we will be attentive, preemptive and pro-active in terms of supporting the stability and the efficient functioning of the market," he said.
Bin Salman had last month appeared to open the door to the idea of cutting output, which then received the support of several member states and the joint technical committee.
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