US facing major oil price rise after production cut

Energy organisation OPEC has agreed to the biggest cut in oil production since before the pandemic.

Sky News Washington Correspondent Annelise Nielsen says OPEC has justified this decision by saying it’s necessary to try to curb global increases in prices.

The countries in OPEC represent about 40 per cent of oil production globally.

OPEC has decided to cut oil production by around two million barrels per day in November, with much of it being taken out of Russian production.