Skip to content
Subscriber Only

OPEC+ Squeezes Oil Production Tight to Protect Price Recovery

  • Saudis dismiss concerns about inflation, market overheating
  • Brent crude surges as much as 5.7% to almost $68 a barrel
   
Photographer: Tom Saater/Bloomberg
Updated on

Saudi Arabia and its OPEC+ allies shocked the oil market with a decision to keep supply in check, sending prices surging and adding inflationary pressure to the global economy as it emerges from the pandemic.

One year on from the outbreak of a bitter price war that sent crude below zero, the kingdom showed that its priority is preserving the hard-won oil recovery rather than worrying about tightening the market too much.