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Global oil production to be cut by two million barrels a day starting next month

The price at the gas pumps is likely to continue to climb, following OPEC’s decision to cut oil production.

The cartel and its allies, including Russia, say they’ll be reducing output by two million barrels a day, blaming the uncertainty that surrounds the outlook for the global economy and oil markets.

It’s the largest cut since the beginning of the COVID-19 pandemic.

In the U.S., the Biden administration is calling the move “short-sighted.”

It notes that low- and middle-income countries trying to recover from the pandemic will be hurt the most.

with files from Vista Radio newswire

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