Saudi Arabia, Russia and other top oil producers agreed on a major cut in production on Wednesday to boost crude prices and was denounced by the United States as a concession to Moscow that will further hurt the global economy.
The group agreed to reduce output by two million barrels per day from November at a meeting in Vienna.
It is the biggest cut since the height of the Covid epidemic in 2020 and raises fears that it will cause oil prices to go up.
Saudi Arabia's energy minister defended the move at a press conference after the first in-person meeting of the organization in over a year.
The decision drew a rebuke from US President Joe Biden, who had made a controversial trip to Saudi Arabia in July under pressure as Americans faced rising prices at the pump.
The timing is bad for Biden's political agenda because it coincides with the US mid-term elections.
The White House press secretary said that it was clear that the group was aligning with Russia.
Jake Sullivan and Brian Deese said in a statement that Biden was disappointed by the decision.
Russia's economy relies on energy exports and Western allies retaliated for the invasion of Ukraine by isolating Russia's economy.
The price of oil fell below $90 per barrel in recent months due to concerns about the global economy, and the Organization of the Petroleum Exporting Countries decided to cut its production.
Following Wednesday's announcement, the international benchmark was up at $93.45.
Ahead of a European Union ban on most of its crude exports later this year and as the Group of Seven wealthy democracies consider a cap on the country's oil prices, the oil production cut could give Russia a boost.
Alexander Novak, Russia's deputy prime minister, said a price cap would have a negative effect on the global oil sector.
Russian companies wouldn't supply oil to countries that put a cap on oil imports.
Patrick Pouyanne, chairman of French oil giant TotalEnergies, said at a London oil industry conference that there was a reason why Russia was ready to participate in an OPEC cut.
In April 2020 the alliance slashed production by almost 10 million barrels per day to reverse a drop in crude prices.
The market improved last year, which led to an increase in production by the group. There was a return to pre-pandemic levels this year, but only on paper as some members struggled to meet their quota.
The group decided last month to cut 100,000 barrels per day from October.
Consumer countries had been pushing for months for the group to open taps to bring down prices.
In July, Biden went to Saudi Arabia to convince them to loosen the taps. Despite his promise to make Riyadh a "pariah" following the killing of a journalist, Biden met the crown prince.
The cut was not welcomed by the United States, but other countries in the group have struggled to meet their quota.
The next meeting of the Organization of the Petroleum Exporting Countries will take place on December 4. The group met online every month.
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