Frankfurt, Germany (AP) – The Organization of the Petroleum Exporting Countries (OPEC) alliance has decided to cut production to support decreasing oil prices.
The decision could result in another blow to the struggling economy and result in another increase in gas prices. The decrease in crude OPEC+ will ship globally is a sudden shift from months of restoring setbacks resulting from the COVID-19 pandemic.
Energy ministers plan to reduce production by 2 million barrels per day starting next month. The organization states its reason for the decision is based on “the uncertainty surrounding the global economic and oil market outlooks.”
Additionally, the cut could benefit alliance member Russia in navigating Europe’s ban on Moscow’s oil during an energy crisis due to Russia reducing gas supplies to Europe. However, political leaders believe this may be retaliation for Europe’s support of Ukraine.
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