Why did OPEC+ slash oil output? | Counting the Cost

For months, US President Joe Biden has lobbied Saudi Arabia and other oil-producing countries to help ease energy prices by pumping more oil.

But in a major policy reversal, the OPEC+ group - that includes Russia - decided to cut output by two million barrels a day in November.

The United States says the decision is shortsighted. It has accused the kingdom of siding with Moscow, which relies heavily on its oil revenues. OPEC+ says the move is purely economic - a response to uncertainty about future oil demand.

Elsewhere, the IMF is known as the world's "financial firefighter", but few people like its harsh lending conditions.

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