VIENNA: In a widely anticipated move, Saudi Arabia, Russia and other top oil producers agreed on a major cut in production on Wednesday to boost crude prices, which the United States denounced as a concession to Moscow that will further hurt the global economy.

The 13-nation, Riyadh-led Organization of the Petroleum Exporting Countries and its 10 allies led by Russia — collectively called OPEC+ — agreed to reduce output by 2 million barrels a day from November at a meeting in Austria’s capital Vienna, the group said in a statement.

It is the biggest cut since the height of the coronavirus pandemic in 2020, raising fears it would turbocharge oil prices at a time when countries are already facing soaring, energy-fueled inflation.

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman defended the move, saying the cartel’s priority was “to maintain a sustainable oil market,” at a news conference following OPEC+’s first in-person meeting since March 2020.

But the decision drew a swift rebuke from US President Joe Biden, who had made a controversial trip to Saudi Arabia in July under pressure as Americans faced rising prices at fuel stations.

The timing is also bad for Biden’s political agenda as it comes ahead of US midterm elections next month.

“It’s clear that OPEC+ is aligning with Russia with today’s announcement,” White House Press Secretary Karine Jean-Pierre said aboard Air Force One.

National Security Adviser Jake Sullivan and top economic adviser Brian Deese said in a statement that Biden was “disappointed by the shortsighted decision by OPEC+.”

Washington and its Western allies have tried to isolate Russia’s economy, which relies heavily on energy exports, in retaliation for the war in Ukraine.

OPEC+ decided to slash its output as oil prices fell below $90 a barrel in recent months over concerns about the global economy, after soaring to $140 in the wake of Russia’s invasion of its smaller, pro-West neighbor on February 24.

The international benchmark, Brent North Sea crude, was up $93.43 following Wednesday’s announcement.

The oil production cut could give sanctions-hit Russia a boost ahead of a European Union ban on most of its crude exports later this year and as the Group of Seven wealthy democracies mull a cap on the country’s oil prices.

Russian Deputy Prime Minister Alexander Novak, who is under US sanctions and attended the OPEC+ meeting, said a price cap would have a “detrimental effect” on the global oil sector.

He warned that Russian companies would “not supply oil to those countries” that introduce such a cap.

“There is a reason why Russia is ready to participate with an OPEC cut — because they are not sure whether they will find somebody to buy this oil,” Patrick Pouyanne, chairman of French oil giant TotalEnergies, said at a London oil industry conference.

The alliance drastically slashed output by almost 10 million barrels a day in April 2020 to reverse a massive drop in crude prices caused by Covid-19 lockdowns.

OPEC+ began to raise production last year after the market improved. Output returned to prepandemic levels this year, but only on paper, as some members have struggled to meet their quotas.

The group agreed last month on a small, symbolic cut of 100,000 barrels daily from October, the first in more than a year.

Consumer countries had pushed for months for OPEC+ to open taps more widely to bring down prices, but the group ignored them again.

Biden traveled to Saudi Arabia in July in part to convince the Middle East kingdom to loosen its production taps. The trip saw Biden meet Crown Prince Mohammed bin Salman despite his promise to make Riyadh a “pariah” following the 2018 killing of Saudi journalist Jamal Khashoggi.

While the US did not welcome the cut, several OPEC+ nations have struggled to meet their quotas in the first place.

The next ministerial OPEC meeting will be on December 4.