(VOVWORLD) - The OPEC+ alliance of oil-exporting countries agreed to cut oil production by 2 million barrels per day at their first face-to-face meeting since the start of the COVID-19 pandemic.
 The oil refinery of Saudi Aramco Power Company in Saudi Arabia (Photo: Xinhua/VNA) |
The group said the cut will start in November. The decision won’t be popular with economies around the world trying to contain inflation driven by rising energy prices.
On Tuesday the US asked OPEC+ not to cut its output, as the Biden administration is seeking ways to prevent an increase in gasoline prices.
OPEC+ will hold its next meeting in December.