by summer said in riyadh saudi arabia and benoit faucon in london opec agreed monday to cut oil production for the first time in over a year according to delegates saying it should pull back about 100000 barrels a day amid fears of a global recession and more iranian crude coming to the market in the event of a revived nuclear deal the move shows how worries over an economic slowdown are dominating a global oil market that has experienced a 25 decline in brent crude prices in the past three months fears of oil shortages after russias invasion of ukraine drove prices above 100 a barrel for months this year but the markets recent slide prompted the organization of the petroleum exporting countries and moscowled allies collectively known as opec to consider the step of cutting output at its virtual meeting monday the small cut would reverse the 100000 barrels a day that opec said it would add to the market last month after president bidens trip to saudi arabia the worlds largest oil exporter the us and the west have called on opec to pump more oil to help tame rising inflation but the group had resisted write to summer said and benoit faucon at summersaidwsjcom and benoitfauconwsjcom