VIENNA: The Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers agreed on Monday 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.
The move could irk the United States as it has pressed the group to increase output in order to bring down energy prices that have fueled decades-high inflation.
The headquarters of the Organization of the Petroleum Exporting Countries in Austria’s capital Vienna on Monday, Sept. 5, 2022. XINHUA PHOTO