OPEC+ chops oil quotas, in another snub to the US, as White House threatens retaliation

OPEC and its allies on Oct. 5 slashed their production quotas by 2 million b/d for the next 14 months in a bid to stabilize sliding oil prices, provoking a strong backlash from the US, which had warned the group to avoid a potential supply squeeze and distance itself from Russia. The new quotas, which start in November and will…