The OPEC+ alliance has decided to sharply cut oil production to support sagging prices, which could push gasoline prices to ries at the pump.
The OPEC+ alliance of oil-exporting countries on Wednesday will debate a potentially large cut in the amount of crude it ships to the global economy.The OPEC+ alliance of oil-exporting countries decided Wednesday 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.
The impact of the production cut on oil prices -- and thus the price of gasoline made from crude -- will be limited somewhat because OPEC+ members already can't meet their quotas. "We are going through a period of diverse uncertainties, which could come our way, it's a brewing cloud," bin Salman said, adding that OPEC+ sought to remain "ahead of the curve."
The Biden administration will work with Congress on additional tools to reduce OPEC's control over energy prices, the statement said. Dwindling prospects for a diplomatic deal to limit Iran's nuclear program also have lowered prospects for a return of as much as 1.5 million barrels a day in Iranian oil to the market if sanctions are removed.
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