OPEC to cut oil production and gas prices are expected to rise

Members of the Organization of the Petroleum Exporting Countries (OPEC) and other oil-producing nations said that they will cut production by two million barrels a day, which will cause gas prices rising across the globe. The Biden administration is considering steps to reduce OPEC’s influence over energy markets. “The President is disappointed by the shortsighted decision by OPEC Plus to cut production quotas while the global economy is dealing with the continued negative impact of Putin’s invasion of Ukraine,” U.S. national security adviser Jake Sullivan and National Economic Council Director Brian Deese said in a statement.