Gas prices rising? OPEC+ makes big oil cut to boost prices; pump costs may rise

What's going on with gas prices?

The OPEC+ alliance of oil-exporting countries has decided to sharply cut production to support sagging oil prices.

The move Wednesday could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key national elections. Energy ministers meeting at the Vienna headquarters of the OPEC oil cartel cut production by 2 million barrels per day at their first face-to-face meeting since the start of the COVID-19 pandemic.

Besides a token trim in oil production last month, the major cut is an abrupt turnaround from months of restoring deep cuts made during the depths of the pandemic and could help alliance member Russia weather a looming European ban on oil imports.

At 3News, we’re not here to tell you the news, we’re here to share the stories that you say matter most to you. Share your ideas, thoughts, concerns and engage in conversations about the communities in which we all call home.

Follow 3News on Social: