The OPEC+ alliance of oil producers, led by Saudi Arabia and Russia, decided Wednesday in Vienna to reduce its production by 2 million barrels a day, the biggest cut since the pandemic.

The announcement was made by Iran's Deputy Oil Minister Amir Hossein Zamaninia at the end of a conference of the Organization of the Petroleum Exporting Countries (OPEC) and its 10 allied producing countries, including Russia, Mexico and Kazakhstan.

The production cut was expected and is justified by the sharp drop in oil prices, and it is hoped that Wednesday's decision will encourage a recovery in the amounts paid to OPEC.

Oil prices have fallen to around $120 per barrel to $90 in three months due to fears of a global economic recession, but also by rising US interest rates and the rising value of the dollar.