Ticker: Some OPEC+ members will cut the oil that they send to the world to try to boost prices; Drivers would pay $15 to enter busiest part of NYC under plan to raise funds for mass transit

The OPEC oil cartel led by Saudi Arabia and allied producers including Russia made another big swipe at propping up lagging crude prices Thursday, expanding some output cuts into next year and bringing up-and-coming oil supplier Brazil into the fold.

Lower oil prices have been a good thing for U.S. drivers, who have been able to fill their gas tanks for less money in recent months. But it’s bad news for OPEC+ countries whose oil income bolsters their economies and who have faced setbacks in pushing prices higher despite initial fears that the Israel-Hamas war could affect oil flows.

The OPEC+ oil ministers came out of an online meeting with more than 2 million barrels per day in voluntary cuts through the first three months of next year and declared that Brazil would join the bloc in January, bringing one of the world’s fastest-growing oil producers into an alliance that is trying to rein in global supply.

Drivers would pay $15 to enter busiest part of NYC

Most drivers would pay $15 to enter Manhattan’s central business district under a plan released by New York officials Thursday. The congestion pricing plan, which neighboring New Jersey has filed a lawsuit over, will be the first such program in the United States if it is approved by transportation officials early next year.

Under the plan, passenger car drivers entering Manhattan south of 60th Street during daytime hours would be charged $15 electronically, while the fee for small trucks would be $24 and large trucks would be charged $36.

 

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