OPEC+ decision will exacerbate inflation problem -CIO

STORY: OPEC+ agreed to steep oil production cuts on Wednesday, curbing supply in an already tight market, causing one of its biggest clashes with the West as U.S. President Joe Biden called the surprise decision shortsighted.

OPEC's de-facto leader Saudi Arabia said the cut of 2 million barrels per day of output - equal to 2% of global supply - was necessary to respond to rising interest rates in the West and a weaker global economy.

Biden faces low approval ratings ahead of mid-term elections due to soaring inflation and had called on Saudi Arabia, a long-term U.S. ally, to help lower prices.