JUST IN: The OPEC+ alliance of oil-exporting countries on Wednesday decided to sharply cut production to support sagging oil prices.
The OPEC+ alliance of oil-exporting countries on Wednesday decided to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key national elections.
In a statement, OPEC+ said the decision was based on the"uncertainty that surrounds the global economic and oil market outlooks." White House press secretary Karine Jean-Pierre told reporters Tuesday that the U.S. would not extend releases from its strategic reserve to increase global supplies.
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