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Major oil-producing countries led by Saudi Arabia and Russia have decided to slash the amount of oil they deliver to the global economy. And the law of supply and demand suggests that can only mean one thing: higher prices are on the way for crude, and for the diesel fuel, gasoline and heating oil that are produced from oil. The decision by the OPEC+ alliance to cut 2 million barrels a day starting next month comes as the Western allies are trying to cap the oil money flowing into Moscow's war chest after it invaded Ukraine. Here is what to know about the OPEC+ decision and what it could mean for the economy and the oil price cap: WHY IS OPEC+ CUTTING PRODUCTION? Saudi Arabia's Energy Minister Abdulaziz bin Salman says that the alliance is being proactive in adjusting supply ahead of a possible downturn in demand because a slowing global economy needs less fuel for travel and industry. We are going through a period of diverse uncertainties which could come our way, it's a brewing