Russia and Saudi Arabia agree to massive cuts to oil output. Here's why it matters

A man walks past OPEC headquarters in Vienna on Tuesday on the eve of the 45th meeting of the Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting. The in-person meeting of OPEC members led by Saudi Arabia and allied members headed by Russia will be the first in the Austrian capital since the spring of 2020. Joe Klamar/AFP via Getty Images hide caption

A man walks past OPEC headquarters in Vienna on Tuesday on the eve of the 45th meeting of the Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting. The in-person meeting of OPEC members led by Saudi Arabia and allied members headed by Russia will be the first in the Austrian capital since the spring of 2020.

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.

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