OPEC will cut production by 2 million barrels a day, likely sending gas and oil prices back up
The OPEC+ alliance announced Wednesday that it will cut oil production by 2 million barrels a day, a move that's likely to send gas prices higher again after a
The OPEC+ alliance announced Wednesday that it will cut oil production by 2 million barrels a day, a move that's likely to send gas prices higher again after a year of tumult at the pump.
In its statement announcing the cuts, the OPEC+ alliance cited the "uncertainty that surrounds the global economic and oil market outlooks.”
It represents the largest cut in production since the start of the pandemic.
In a statement, the Biden administration said it was disappointed in the decision, calling it “shortsighted” in light of global energy prices already lifted higher by Russia’s invasion of Ukraine.
“At a time when maintaining global supply of energy is of paramount importance, this development will have the most negative impact on lower- and middle-income countries that are already reeling from elevated energy prices,” it said.
Rating: 5