Oil prices set to rise after Opec+ group agrees to larger-than-expected production cut

Fuel may once again become more expensive after weeks of falling prices at the pumps following a decision by oil producing countries to slash production for the first time since the peak of the Covid-19 pandemic. Members of the Opec+ group said the September 5, 2022, decision to reduce supply is needed to bring about stability as oil prices fall amid slowing global demand because of inflation. Opec+ comprises Organisation of Petroleum Exporting Countries (Opec) members, along with other oil-producing nations including Russia which take part in Opec initiatives.