OPEC+ Cuts Oil Production - Gas Prices to Rise

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. 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.  Joe Klamar/AFP via Getty Images

In Vienna on Wednesday, the OPEC+ alliance is expected to consider a cut in oil production of up to 1 million to 2 million barrels a day — 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 could 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.

OPEC+, formed in 2016, includes the 13 Organization of Petroleum Exporting Countries members and 11 other non-OPEC members.  READ MORE...