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OPEC+ heads for clash with US, deep supply cuts to boost sagging prices

The potential OPEC+ cut could spur a recovery in oil prices that have dropped to about $90 from $120 three months ago due to fears of a global economic recession, rising US rates and a stronger USD

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Reuters Vienna/London
OPEC+ looks set for deep cuts to its oil output targets when it meets on Wednesday, curbing supply in an already tight market despite pressure from the United States and others to pump more.
 
The potential OPEC+ cut could spur a recovery in oil prices that have dropped to about $90 from $120 three months ago due to fears of a global economic recession, rising U.S. interest rates and a stronger dollar.
 
OPEC+, which includes Saudi Arabia and Russia, is working on cuts of 1-2 million barrels per day, sources told Reuters, with several sources saying cuts could be closer

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