Oil prices surged as OPEC allies, the global organization of oil producers, cut massive oil production.

On Wednesday, OPEC+, the world's largest oil producer, announced that it had decided to cut oil production by 2 million barrels per day (BPD).
International benchmark Brent crude rose 28 cents, or 0.3%, to $92.08 a barrel after the announcement. The move comes amid concerns that inflation will rise further and raise the risk of a global recession.

Oil prices have soared since Russia's invasion of Ukraine in February. But for a few months, it started to decrease. It had fallen below $90 in September on fears of a recession in Europe. At the same time, demand from China also decreased due to the lockdown measures.

The decision is considered the biggest cutback since the start of Covid. OPEC+ members cut production by 10 million BPD in 2020 during the Covid-19 pandemic.

The current price hike could benefit Middle Eastern member states. All European countries, which imposed sanctions against Russia after its invasion of Ukraine, depend on Eastern member states for oil.

"As long as prices rise, sanctions against Russian oil in December will be more challenging for Europe," said Bhushan Bahri, executive director of S&P Global Commodity Insights.

International media are also raising doubts about Russia's influence on OPEC+'s decision.

Saudi Energy Minister Abdulaziz bin Salman said OPEC+ needed to be more active as central banks around the world moved "too late" to tackle soaring inflation through higher interest rates.

U.S. Secretary of State Anthony Blinken also stated that the U.S. response on Wednesday was that it was disappointed with the OPEC decision and would work to ensure low oil prices in the energy market.

OPEC went ahead with the action even though the United States had asked not to cut production.

The West has accused Russia of weaponising energy, with soaring gas prices and a scramble to find alternatives creating a crisis in Europe that could trigger gas and power rationing this winter.

Moscow, meanwhile, accuses the West of weaponising the dollar and financial systems such as the international payments mechanism SWIFT in retaliation for Russia sending troops into Ukraine in February.

Russian Deputy Prime Minister Alexander Novak, who was put on the U.S. special designated nationals sanctions list last week, also travelled to Vienna to participate in meetings.

Novak is not under EU sanctions. He and other members of OPEC+ agreed to extend the cooperation deal with OPEC by another year to the end of 2023.

The next OPEC+ meeting will take place on Dec 4. OPEC+ will move to meet every six months instead of monthly meetings.