OPEC agreed to cut production resulting in soaring price of crude

OPEC and Russia have agreed to cut oil production for the first time in eight years, aiming to boost prices. This decision has led to a 9% increase in Brent crude oil prices, raising concerns about higher fuel costs for consumers. While the production cut is expected to tighten the market, its impact on the oil industry and consumer budgets is mixed. The RAC notes a short-term effect on fuel prices, but a fuel duty freeze offers some relief. Market variables like exchange rates and geopolitical events, such as Brexit and Trump's presidency, add uncertainty to future oil prices.

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