Russia and Saudi Arabia announce massive cuts to oil output

The OPEC+ alliance announced a 2 million barrels a day cut in oil production Wednesday 

An amount that could drive oil and gas prices back up after weeks on a downward trend. 

The meeting of the 24 OPEC+ oil-producing countries, including Russia 

Comes at a time when much of the world is already battling soaring energy costs. 

A supply cut will also exacerbate tensions between Saudi Arabia and the U.S., 

where President Biden has been trying to rein in prices at the gas pump ahead of the midterm elections. 

OPEC+, formed in 2016, includes the 13 Organization of Petroleum Exporting Countries members and 11 other non-OPEC members.