In Vienna, ministers from the 13-nation Organization of the Petroleum Exporting Countries (OPEC) and a group of 10 exporters led by Russia agreed to reduce production by 2 million barrels a day from November. The move pushed up global oil prices, but the Kremlin says production reduction is intended to stabilise oil markets.
It is the biggest cut since the height of the Covid-19 pandemic in 2020 and comes despite concerns the decision could boost inflation and push central banks to hike interest rates further.
