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Russia and Saudi Arabia agree to massive cuts to oil output. Here's why it matters

Posted on AllSides October 5th, 2022
From The Left
Joe Klamar/AFP via Getty Images

The OPEC+ alliance announced a 2 million barrels a day cut in oil production Wednesday — an amount that could drive oil and gas prices back up after weeks on a downward trend.

The meeting of the 24 OPEC+ oil-producing countries, including Russia, comes at a time when much of the world is already battling soaring energy costs. A supply cut will also exacerbate tensions between Saudi Arabia and the U.S., where President Biden has been trying to rein in prices at the gas pump ahead of the midterm elections.

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