VIENNA—The Organization of the Petroleum Exporting Countries and its Russia-led allies agreed on Wednesday to slash output by two million barrels of oil a day, delegates said, a move likely to push up already-high global energy prices and help oil-exporting Russia pay for its war in Ukraine.
The decision could undermine a plan by the Group of Seven wealthy nations to cap the price of Russian oil on the global market as part of the West’s economic battle with Moscow. It came less than three months after President Biden visited Saudi Arabia, the OPEC’s de facto leader, in a bid to repair relations between the world’s biggest oil consumer and its biggest crude-oil exporter during a period of rising inflation driven in part by high energy prices.
Source: finance.yahoo.com