Oil producers’ cuts could boost gasoline prices and help Russia

Major oil-producing countries led by Saudi Arabia said they’re cutting supplies of crude — again. This time, the decision was a surprise and is underlining worries about where the global economy might be headed.
Russia is joining in by extending its own cuts for the rest of the year. In theory, less oil flowing to refineries should mean higher gasoline prices for drivers and could boost the inflation hitting the U.S. and Europe. And that may also help Russia weather Western sanctions over its invasion of Ukraine at the expense of the U.S.
The decision by oil producers, many of them in the OPEC oil cartel, to cut production by more than 1 million barrels a day comes after prices for international benchmark crude slumped amid a slowing global economy that needs less fuel for travel and industry.

Source:

https://www.independent.co.uk/news/world/europe/ukraine-war-map-russia-putin-nuclear-bakhmut-b2313070.html#post-1133812