The move Wednesday could deal the struggling global economy another blow, potentially help Russia weather a looming European ban on oil imports and raise gasoline prices for U.S. drivers just ahead of national midterm elections.
PUBLISHED 9:27 AM ET Oct. 05, 2022The OPEC+ alliance of oil-exporting countries has decided to sharply cut production to support sagging oil prices.
Saudi Energy Minister Abdulaziz bin Salman stressed the cartel’s stated role as a guardian of stable energy markets, telling reporters: “We are here to stay as a moderating force, to bring about stability." "The President is also calling on U.S. energy companies to keep bringing pump prices down by closing the historically large gap between wholesale and retail gas prices — so that American consumers are paying less at the pump," they added. "In light of today’s action, the Biden Administration will also consult with Congress on additional tools and authorities to reduce OPEC’s control over energy prices.
The decision comes as oil trades well below its summer peaks because of fears that major global economies such as the U.S. or Europe will sink into recession due to high inflation, rising interest rates meant to curb rising consumer prices, and uncertainty over Russia’s war in Ukraine.
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