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OPEC+ defended its oil-production cuts, saying they were justified by the growing risk of a global recession.  Oil ministers from Congo and Equatorial Guinea reiterated this defense, while OPEC’s top official said the group had little choice but to take preemptive action.  In the weeks since the meeting, Saudi Arabia and many other OPEC+ members have repeatedly said the motivation for the cuts was purely economic.

OPEC+ says growing risk of global recession justifies oil cuts

OPEC+ defended its oil-production cuts, saying they were justified by the growing risk of a global recession.  Oil ministers from Congo and Equatorial Guinea reiterated this defense, while OPEC’s top official said the group had little choice but to take preemptive action.  In the weeks since the meeting, Saudi Arabia and many other OPEC+ members have repeatedly said the motivation for the cuts was purely economic.

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