Saudi Arabia, Russia and other top oil producers agreed on a major cut in production on Wednesday to boost crude prices - a move denounced by the United States as a concession to Moscow that will further hurt the global economy.
The Biden administration on Wednesday expressed disappointment in the OPEC+ decision to cut its oil production quota by 2 million barrels a day, a move that would raise the cost of filling your tank and heating your home, if it happens as announced.
OPEC agreed Wednesday to cut oil production by 2 million barrels per day despite pressure from the White House, a decision that’s expected to drive oil prices skyrocketing.
The Biden admin changed its mind on a critical oil issue in one day, with Biden backtracking the comments of White House press secretary Karine Jean-Pierre.
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