If oil producers cut production, gasoline prices will go up. This could benefit Russia as it could lead to more people

Key Highlights :

1. Major oil-producing countries led by Saudi Arabia said they're cutting supplies of crude - again.

2. This time, the decision was a surprise and is underlining worries about where the global economy might be headed.

3. Russia is joining in by extending its own cuts for the rest of the year.

4. 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.

5. 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.

6. Between the two cuts, that's about 3% of the world's oil supply.

     The Organization of the Petroleum Exporting Countries, a group of oil-producing nations, said Wednesday that it would cut production by 1.8 million barrels per day. That's a response to falling oil prices and a slowdown in the global economy. The decision was a surprise and underlines worries about where the global economy might be headed.

     The oil-producing countries are worried about a slowdown in the global economy and falling oil prices. That's because oil is a major part of their economy. Oil is used to produce gasoline, diesel fuel, and other products. The oil-producing countries are also worried about the future of their oil supplies. They're worried that the oil might not be available in the future. That's because the oil is located in different parts of the world. The oil-producing countries are also worried about the future of their oil supplies. They're worried that the oil might not be available in the future. That's because the oil is located in different parts of the world.

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