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OPEC+ ministers agree to cut production by 2M barrels per day

OPEC+ ministers agree to cut production by 2M barrels per day | 5 Oct 2022 | Ministers from Organization of the Petroleum Exporting Countries (OPEC+) on Wednesday said they would cut oil production by 2 million barrels a day in a move that is expected to raise oil prices globally, Reuters reported. The decision comes as the White House has pushed top oil producers like Saudi Arabia -- which leads the international oil cartel -- not to make drastic cuts to oil production as gas prices remain high. While the cuts will likely negatively impact consumer wallets they are expected to spur a recovery in oil prices for producing nations like Russia, Kuwait and the UAE.