OPEC+ Members Endorse Output Cut After U.S. Coercion Accusation

• OPEC+ member states lined up on Sunday to endorse the steep cut to its output target agreed this month after the White House, stepping up a war of words with Saudi Arabia, accused Riyadh of coercing some other nations into supporting the move.
• The United States last week said the cut would boost Russia's foreign earnings and suggested it had been engineered for political reasons by Saudi Arabia, which on Sunday denied it was supporting Moscow in its invasion of Ukraine.
• Saudi King Salman bin Abdulaziz said the kingdom was working hard to support stability and balance in oil markets, including establishing and maintaining an agreement of the OPEC+ alliance.
• OPEC+ comprises the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia.
• The Saudi defence minister, King Salman's son Prince Khalid bin Salman, also said the Oct. 5 decision to reduce output by 2 million barrels per day (bpd) - despite supply tightness in oil markets was unanimous and based on economic factors.

(Source: Reuters)