Ministers from OPEC+ on Wednesday said they would cut oil production by 2 million barrels a day in a move that is expected to raise oil prices globally.
The decision comes as the White House has pushed top oil producers like Saudi Arabia not to make drastic cuts to oil production as gas prices remain high.
While the cuts will impact consumer wallets it is expected spur a recovery in oil prices for producing nations like Russia, after prices dropped from $120 per barrel three months ago to about $90 per barrel following concerns of a global economic recession, rising U.S. interest rates and a stronger dollar, according to Reuters.
