OPEC+ considers output-limit cut of as much as 2 million barrels a day

OPEC+ is considering its biggest production cut since 2020 as it tries to stabilize oil prices, a move that risks cranking up tensions with Washington.

The group is set to discuss a cut to its production limits of as much as 2 million barrels a day, using current baselines, delegates said. Still, in reality the cut will have a smaller impact on global supply as several countries are already pumping below their quotas. They may also discuss smaller cuts of 1-1.5 million, delegates said.   

A large OPEC+ cut risks adding another shock to the global economy, which is already battling inflation