The cartel said it will cut crude output by 100,000 barrels per day to boost prices.
The cartel said it would add only 100,00 barrels a day of oil next month, one of the smallest oil hikes in its history.
As consumers feel the pinch of rising energy prices, the Biden administration struggles to find solutions.
The group has finally bowed to months of pressure from major consumers to help ease the pain of high energy prices.
The rise in energy costs has contributed to rampant inflation, stoking investor concerns that growth will slow.
Global financial markets have been rattled by concerns over interest rate hikes and wider lockdowns in China.
Global benchmark futures settled at $112.39 per barrel while US West Texas Intermediate climbed to $109.77 a barrel.
The oil cartel has struggled for months to revive oil supplies halted during the coronavirus pandemic.
Both Brent and US crude benchmarks settled down around 13 percent.
Barrels will come from US’s strategic petroleum reserve, as Russian invasion of Ukraine has sent prices skyrocketing.
The Organization of the Petroleum Exporting Countries and its allies refused to deviate from gradual output hikes.
The global economy could be facing one of the largest energy supply shocks ever, oil experts warn.
The shutdown comes against a backdrop of soaring oil prices following Russia’s invasion of Ukraine.
The International Energy Agency agreed to deploy 60 million barrels from stockpiles around the world.
