OPEC+ announced a reduction in oil production by 2 million barrels per day, its deepest cuts in production since the 2020 COVID-19 pandemic.
Why it matters
The decision threatens to sustain oil-producer Russia in its war in Ukraine, drive inflation higher, and push gas prices back toward voter-angering levels just before U.S. midterms, undercutting the election prospects of Biden and Democrats. The move also highlights the growing rift between the United States and Saudi Arabia on energy policy.
What the papers say
The Guardian, South China Morning Post, AP News, Reuters
How we got here
Biden had visited Saudi Arabia in July to persuade the world's largest oil producer to increase production and offset petrol costs rising as a result of Russia's invasion of Ukraine. However, the decision by OPEC+ to cut oil production has strained the relationship between the US and Saudi Arabia.
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Joseph Robinette Biden Jr. is an American politician who is the 46th and current president of the United States. A member of the Democratic Party, he served as the 47th vice president from 2009 to 2017 and represented Delaware in the United States Senate
Saudi Arabia, officially the Kingdom of Saudi Arabia, is a country in Western Asia constituting the bulk of the Arabian Peninsula.
The United States of America, commonly known as the United States or America, is a country mostly located in central North America, between Canada and Mexico.
The Organization of the Petroleum Exporting Countries is an intergovernmental organization of 13 nations. Founded on 14 September 1960 in Baghdad by the first five members, it has since 1965 been headquartered in Vienna, Austria.
Russia, or the Russian Federation, is a transcontinental country located in Eastern Europe and Northern Asia. Covering an area of 17,125,200 square kilometres, it is the largest country in the world by area, spanning more than one-eighth of the Earth's in
Mohammed bin Salman bin Abdulaziz Al Saud, colloquially known as MBS, is the Crown Prince of Saudi Arabia. He is currently serving as the country's deputy prime minister and is also Chairman of the Council for Economic and Development Affairs, Chairman of