Oil cartel OPEC and its Russian-led allies have announced a major cut in output.
The decision to reduce oil production by two million barrels a day will drive up prices and increase pain for Western nations that are already struggling with skyrocketing inflation.
In Vienna, ministers from the OPEC cartel and a group of 10 exporters led by Russia agreed to reduce production by two million barrels a day from November.
The agreement was a slap in the face to President Joe Biden, whose administration had led a frantic diplomatic mission to convince OPEC+ members to vote against the production cut.
A White House official said President Biden was “disappointed by the shortsighted decision” and his administration would “consult Congress on additional tools and authorities to reduce OPEC’s control over energy prices”.
President Biden’s political opponents piled on with criticism. “Total failure. OPEC is laughing at him,” House of Representatives Minority Whip Steve Scalise wrote on social media.