OPEC+ agreed steep oil production cuts, curbing supply in an already tight market and causing one of its biggest clashes with the West as the U.S. administration called the surprise decision shortsighted
OPEC's de-facto leader Saudi Arabia said the cut of 2 million barrels per day of output - equal to 2% of global supply - was necessary to respond to rising interest rates in the West and a weaker global economy.
Biden faces low approval ratings ahead of mid-term elections due to soaring inflation and has called on Saudi Arabia, a long-term U.S. ally, to help lower prices.of oil revenue. Biden travelled to Riyadh this year but failed to secure any firm cooperation commitments on energy. Relations have been further strained as Saudi Arabia has not condemned Moscow's actions in Ukraine.
Under-production happened because of Western sanctions on countries such as Russia, Venezuela and Iran and output problems with producers such as Nigeria and Angola.Analysts from Jefferies said they estimated the figure at 0.9 million bpd, while Goldman Sachs put it at 0.4-0.6 million bpd saying cuts would mainly come from Gulf OPEC producers such as Saudi Arabia, Iraq, the United Arab Emirates and Kuwait.
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