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OPEC+ agrees to cut oil production by 2 million barrels a day in blow to Biden

Posted on AllSides October 5th, 2022
From The Right

The OPEC+ group of oil-producing nations agreed Wednesday to slash oil production by 2 million barrels per day as it seeks to stabilize global oil prices after months of decline, delivering a major blow to the Biden administration ahead of the midterm elections.

Members of the group, which includes Saudi Arabia and Russia, are hoping to spur recovery and prevent volatility after oil prices dropped to around $90, down from $120 three months earlier.

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