-
'Super proud' Sabalenka downs Pegula to win US Open thriller
-
In Papua New Guinea, Pope holds mass 'at the edge of the world'
-
Hewett stays positive for wheelchair tennis despite agonising defeat
-
Three things on US Open champion Aryna Sabalenka
-
Sabalenka downs Pegula to win US Open thriller
-
USA men land Paralympic basketball three-peat, Jiang takes 7th swim gold
-
USA slump to first home defeat against Canada in 67 years
-
Argentina hand Australia record 67-27 loss in Rugby Championship
-
England impress on Carsley bow, Germany, Dutch hit five
-
AFP photographer wins top prize for Gaza coverage
-
No Love for Packers for three weeks after ligament sprain: reports
-
Pedro Almodovar: chronicler of modern Spain crowned in Venice
-
Almodovar wins top Venice prize for end-of-life film
-
Trump sounds dark tone at rally, Harris 'ready' for debate
-
Wirtz and Musiala dazzle to kick-start new Germany era
-
Chinese teenager takes 7th gold of Paris Paralympics
-
England interim boss Carsley 'respects' divided opinions over anthem
-
Neuville moves to the front in the Acropolis Rally
-
Garfield, Pugh charm Toronto in new romance 'We Live in Time'
-
21 boys confirmed dead in Kenya school inferno
-
Over 100,000 protest in France against new prime minister
-
Golden 30 minutes takes China to swimming Paralympics swimming domination
-
Green leads Australia to T20 series sweep of Scotland
-
Nigeria, Cameroon win afer chaotic AFCON build-ups
-
Nicole Kidman: A-lister, cinematic chameleon, wins in Venice
-
'I had to prove myself', says Kolisi after win against All Blacks
-
Almodovar wins top prize at Venice film festival
-
Grealish savours England redemption after 'worst summer'
-
Carsley makes flying start as England interim boss in win over Ireland
-
Springboks close on Rugby Championship with storming win over All Blacks
-
Sri Lanka's De Silva and Kamindu Mendis defy England in third Test
-
Farrell's Racing lose on opening day of Top 14
-
Ireland and UK to 'reset' relations as Starmer visits Dublin
-
Dunbar takes second Vuelta stage as Roglic closes in on victory
-
Fritz eyes US Open glory to end 21 years of American hurt
-
Thousands protest in France against new prime minister
-
Death toll from Kenya school blaze rises to 21
-
Brazil's right rallies for 'freedom' after X suspended
-
Trump to hold rally in swing state, Harris preps for debate
-
Stone at the double as Sri Lanka collapse against England in third Test
-
French tennis player takes legal action over online abuse
-
Italy backs Kyiv's 'legitimate defence' as Zelensky presses allies
-
The Body Shop rescued from administration after deal
-
Martin roars to victory in San Marino sprint, extends MotoGP lead
-
Smoke and screams: The horror of Kenya's school dorm inferno
-
MotoGP leader Martin roars to victory in San Marino sprint
-
Ireland and UK to 'reset' relations as Starmer begins Dublin visit
-
Ma Lin turns brutal encounter with bear into glorious Paralympic career
-
Flintoff appointed England Lions head coach
-
Sri Lanka hit back as Pope falls during England collapse in second Test
OPEC+ agrees oil output cut to prop up prices
The OPEC+ oil cartel agreed 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 fuelled decades-high inflation.
OPEC+, a 23-nation coalition led by Saudi Arabia and Russia, had agreed to huge cuts in output in 2020 when the Covid pandemic sent oil prices crashing, but it began to increase production modestly again last year as the market improved.
Oil prices soared to almost $140 a barrel in March after Russia invaded Ukraine.
But they have since receded below $100 per barrel amid recession fears, Covid lockdowns in major consumer China and Iran nuclear talks that could bring Iranian crude back into the market.
While analysts had expected another modest increase at Monday's ministerial meeting, OPEC+ said in a statement that it decided to reduce output by 100,000 barrels per day in October, returning to the production level of August.
"An output cut won't make them any friends at a time when the world is facing a cost-of-living crisis already and the group has failed to keep up with demand this year," Craig Erlam, analyst at OANDA trading platform, warned prior to the OPEC+ announcement.
Oil prices rose by more than three percent following the announcement, with the international benchmark, Brent, exceeding $96 per barrel while the US contract, WTI, reached almost $90.
At its last meeting, OPEC+ agreed to a small rise of 100,000 barrels per day for September after US President Joe Biden travelled to Saudi Arabia to plead for a production bump -- although it was six times lower than its previous decisions.
Energy Minister Abdulaziz bin Salman last month had appeared to open the door to the idea of cutting output, which has since received the support of several member states and the cartel's joint technical committee.
He said "volatility and thin liquidity send erroneous signals to markets at times when clarity is most needed".
- Iran talks -
Caroline Bain, commodities expert at Capital Economics, said the cut was not a total surprise a "little more than symbolic" as OPEC+ has struggled to meet its quotas due to lacklustre production in some of its member countries.
"The bigger picture is that OPEC+ is producing well below its output target and this looks unlikely to change given that Angola and Nigeria, in particular, appear unable to return to pre-pandemic levels of production," Bain said.
In efforts to curb rising oil prices, the United States and its allies have released crude from their emergency reserves.
And in a bid to curb Russia's war funding, the G7 group of industrialised powers agreed Friday to move "urgently" towards capping the price of Russian oil.
Moscow has warned that it will no longer sell oil to countries that adopt the unprecedented mechanism.
Another geopolitical issue is clouding the outlook.
Negotiations aimed at reviving a landmark nuclear deal between Tehran and world powers could lead to an easing of oil sanctions in return for curbs to the atomic activities.
However, Washington said Thursday that Tehran's latest response to a European Union draft was "unfortunately... not constructive".
F.Pavlenko--BTB