![]() Observers say one sign of the alliance's renewed focus is that this is its first in-person meeting since the pandemic began. They fell to less than $90 a barrel in September. The move is seen as a bid by Saudi Arabia to prop up prices, which had reached up to $120 a barrel during the spring but began to tail off over concerns about a slowing global economy. The world consumes up to 100 million barrels of oil a day, so taking 2 million off the market would have a noticeable effect. It's unclear how much of a price increase the supply cut would cause. In a statement, the group justified today's decision due to "uncertainty that surrounds the global economic and oil market outlook." OPEC+, formed in 2016, includes the 13 Organization of Petroleum Exporting Countries members and 11 other non-OPEC members. The White House called the decision "shortsighted" and said in a statement the administration would "deliver another 10 million barrels from the Strategic Petroleum Reserve to the market next month, continuing the historic releases the President ordered in March." 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. ![]() 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. 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 in-person meeting of OPEC members led by Saudi Arabia and allied members headed by Russia will be the first in the Austrian capital since the spring of 2020. A man walks past OPEC headquarters in Vienna on Tuesday on the eve of the 45th meeting of the Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting.
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