<span style="color: #222222;">The Organization of the Petroleum Exporting Countries OPEC and its Russia-led allies on Wednesday have agreed to slash two million barrels a day at a Vienna meeting, delegates said. It is the deepest cuts to oil production since the 2020 COVID pandemic. The cut could spur a recovery in oil prices that have dropped to about 90 dollars from 120 dollars three months ago on fears of a global economic recession, rising US interest rates and a stronger dollar.<br />''<br />''The decision could undermine a plan by the Group of Seven wealthy nations to cap the price of Russian oil on the global market, a key part of the West's economic battle with Moscow.<br />''<br />''The oil-production cut is the biggest from the group collectively known as OPEC since April 2020, signalling its intent to keep prices high after enduring seven years of a relatively subdued market, oil-industry analysts said.<br />''<br />''United Arab Emirates Energy Minister Suhail al-Mazroui told reporters ahead of the meeting that the decision is technical, not political.<br />''<br />''Russian Deputy Prime Minister Alexander Novak, who was put on the US special designated nationals sanctions list last week, also travelled to Vienna to participate in meetings. Novak is not under EU sanctions.</span><br />