Fears grow over oil price as Opec+ agrees to bigger than expected output cuts

Joe Biden’s administration hoped to persuade Opec not to reduce supplies and heap further pressure on oil prices. Photograph: Hasan Jamali/AP

The Opec oil cartel and its allies have agreed to a bigger than expected cut in oil production targets despite significant pressure from the US.

The Opec+ group of oil-producing nations signed up to a cut in output of 2m barrels a day, surpassing predictions earlier in the week of cuts of 1m to 1.5m barrels, squeezing supplies in a tight market.