News Analysis
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, surprised global energy markets on Wednesday by agreeing to slash crude production by 2 million barrels per day (bpd). In response to fears of waning demand amid worries of a global recession, the cartel thought it was necessary to reduce production and help establish a floor for oil prices. 
OPEC’s decision helped lift energy prices, as the West Texas Intermediate (WTI) and Brent crude futures topped $87 and $93 a barrel, respectively. The measure might also contribute to more pain at the pump, with the U.S. average for a gallon of gasoline exceeding $3.86. …