Opec+ makes big oil cut to boost prices

The group said the decision was based on the ‘uncertainty that surrounds the global economic and oil market outlooks’ (Lisa Leutner/AP)

The Opec+ alliance of oil-exporting countries has decided to sharply cut production to support sagging oil prices.

Energy ministers meeting at the Vienna headquarters of the Opec oil cartel cut production by a larger-than-expected two million barrels per day starting in November after gathering for their first face-to-face meeting since the start of the Covid-19 pandemic.