RELATED: LA County, Orange County gas prices reach record high - againThe impact of the production cut on oil prices — and thus the price of gasoline made from crude — will be limited somewhat because OPEC+ members are already unable to meet the quotas set by the group.The alliance also said it was renewing its cooperation between members of the OPEC cartel and non-members, the most significant of which is Russia.
The deal was to expire at year's end.A man walks past OPEC headquarters on October 4, 2022 on the eve of the 45th Meeting of the Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting held on October 05, in Vienna, Austria. (Photo by JOE KLAMAR/AFP via The decision comes as oil trades well below its summer peaks because of fears that major global economies such as the U.S.
or Europe will sink into recession due to high inflation, rising interest rates meant to curb rising consumer prices, and uncertainty over Russia’s war against in Ukraine.READ MORE: US hits Russia with more sanctions after Kremlin annexes Ukrainian territoryThe fall in oil prices has been a boon to U.S.
drivers, who saw lower gasoline prices at the pump before costs recently started ticking up, and for U.S. President Joe Biden as his Democratic Party gears up for congressional elections next month.White House press secretary Karine Jean-Pierre told reporters Tuesday that the U.S.