OPEC+ said on Wednesday that it will reduce daily oil output by 2 million barrels.
the largest reduction since the epidemic began,
in an action that might raise petrol prices only weeks before the US midterm elections.
Following its first in-person meeting since March 2020, the group of major oil producers—which includes Saudi Arabia and Russia—announced the reduction in production.
The decrease amounts to around 2% of the world's oil demand.
Due to the news, the price of Brent crude oil increased by more than 1% to about $93 per barrel.
enhancing gains this week in preparation for the meeting of oil ministers. US crude increased 1.5% to $87.75.