Opec+ will adjust its output target and redistribute production cuts between its members under pressure from Saudi Arabia, which has long carried an outsized share of the burden. The group, which pumps more than half the world’s oil, agreed in Vienna on Friday to reduce its output target by 500 000bbl/d, said delegates, bringing it in line with recent production levels. Saudi Energy Minister Prince Abdulaziz bin Salman gave a clear signal before the meeting that his priority was to get some members to stop cheating and implement the cuts they have promised.
