OPEC+ Energy Ministers Agree to 2 Million Barrel Cut to Oil Production

A panel of energy ministers of the OPEC+ alliance of oil-exporting countries on Wednesday agreed to recommend a historically large cut in output, a stinging rebuke to the Biden administration that is likely to mean higher prices at gas pumps in the United States and Europe.

The alliance, which is led by Saudi Arabia and includes Russia, is meeting in Vienna to negotiate the largest production cut since the pandemic first struck. The energy ministers who comprise the cartel’s Joint Ministerial Monitoring Committee recommended a cut of two million barrels per day in the group’s overall production. A final decision will be voted on later on Wednesday.

The Biden administration has reportedly been attempting to persuade the Saudis not to support a production cut. The administration fears higher prices will aid Russia, hurt U.S. allies in Europe, and be a blow U.S. consumers ahead of the midterm election.

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