Major oil producers including Saudi Arabia will pump less, raising fears of higher petrol prices.
Some of the world's top oil-producing countries have agreed to cut the amount they export in a decision expected to raise petrol prices around the world.
"The question is when, and to what extent, retailers choose to pass these increased costs on at their forecourts," spokesman Simon Williams said. The move is also likely to disrupt US-led efforts to set a price cap for oil from Russia, a plan the US had suggested as a way to limit money flowing into the country and being put toward military use.
The move not only carries the risk of pushing up oil prices but will also damage efforts by the West to restrict the Russian oil income used to sustain its war in Ukraine.
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