VIENNA, Austria — OPEC announced its plans to cut oil production this month. The announcement came from the energy ministers’ meeting today.
According to the Organization of the Petroleum Exporting Countries (OPEC) and other oil-producing nations, starting this month they will move to cut production of 100,000 barrels of oil per day.
The move comes as oil prices continue to decline and fears of a global recession grow.
The recent decline in prices has been a much-needed blessing for drivers, who in recent months, saw record-breaking fuel prices.
The tension between Washington, Tehran, and Moscow have added to the growing economic concerns.
Currently, the national average for regular unleaded gasoline is $3.77, down from $5.02 in June.
