The Organization of Petroleum Exporting Countries, along with Russia and other oil producers, announced on Wednesday that they would cut production targets by 2 million barrels a day, an action that could help Moscow pay for its war with Ukraine and hurt U.S. President Joe Biden’s chances to further cut gasoline prices for American motorists.
The production cut was seen as a rebuke to Biden, who visited Saudi Arabia in July in what now has turned out to be a futile effort to persuade the world’s second-biggest oil producer after the United States to refrain from cutting production.
White House officials assailed the decision in Vienna by the 23 countries that belong to the OPEC+ coalition, which analysts say could increase the risk of a global recession in the coming months. Crude oil prices had been falling for months on the world market but had risen in recent days in anticipation of the OPEC production cut.
From: https://www.voanews.com/a/opec-cuts-oil-production-in-boost-for-russia-rebuke-to-biden/6777459.html
With gas prices set to soar in the coming days, better fill up now.
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