OPEC announces a large cut of 2 million barrels of oil per day, despite pressure from the United States

OPEC + will reduce production in October 1:05

(CNN Business) ––

  OPEC + announced this Wednesday that it will reduce oil production by 2 million barrels per day: the largest cut since the start of the pandemic.

The move threatens to send gasoline prices skyrocketing, just weeks before the US midterm elections.

The group of major oil producers, which includes Saudi Arabia and Russia, announced the production cut, following their first face-to-face meeting since March 2020. The cut is equivalent to about 2% of global oil demand.

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