OPEC+ makes big oil cut to boost prices; pump costs may rise
October 6, 2022
FRANKFURT, Germany - 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.
Energy ministers cut production by a larger-than-expected 2 million barrels per day starting in November after gathering for their first face-to-face meeting at the Vienna headquarters of the OPEC oil cartel since the start of the COVID-19 pandemic.
The group said the decision was based on the "uncertainty that surrounds the global economic and oil market outlooks." Saudi Energy Minister Abdulaziz bin Salman stressed the group's stated role as a guardian of stable energy markets.