OPEC and Russia Aim to Raise Oil Prices With Supply Cut

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Saudi Arabia and Russia, acting as leaders of the OPEC Plus energy cartel, agreed on Wednesday to their first large production cut in more than two years in a bid to raise prices, countering efforts by the United States and Europe to choke off the enormous revenue that Moscow reaps from the sale of crude.President Biden and European leaders have urged more oil production to ease gasoline prices and punish Moscow for its aggression in Ukraine. Vladimir V. Putin, the Russian president, has been accused of using energy as a weapon against countries opposing its invasion of Ukraine, and the optics of the decision could not be missed.The White House was not happy. “The president is disappointed by the shortsighted decision by OPEC Plus to cut production quotas while the global economy is dealing with …

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