MORE PAIN AT THE PUMP: OPEC Cutting Oil Production, Expected to Raise Prices Globally

According to a Fox News report, OPEC+ ministers have agreed to cut oil production by 2 million barrels a day —a move certain to affect prices at the pump for Americans already struggling to make ends meet.

From Fox News:

The decision comes as the White House has pushed top oil producers like Saudi Arabia not to make drastic cuts to oil production as gas prices remain high.

While the cuts will impact consumer wallets it is expected spur a recovery in oil prices for producing nations like Russia, after prices dropped from $120 per barrel three months ago to about $90 per barrel following concerns of a global economic recession, rising U.S. interest rates and a stronger dollar, according to Reuters.

More over at Fox News: