VIDEO: OPEC to cut oil production

(NBC) - Organization of the Petroleum Exporting Countries (OPEC) agreed to cut production by 2 million barrels per day from November.

In a move that could send gas and oil prices back up in the U.S., OPEC announced it will cut oil production by 2 million barrels per day.

Meeting today in Vienna, Austria, the Organization of the Petroleum Exporting Countries and its allies, together called OPEC + said the production cut set to start in November was based on the "uncertainty that surrounds the global economic and oil market outlooks."

Oil prices have fallen to roughly $80 a barrel from more than $120 in early June.

The move is a major reversal from OPEC's efforts to restore deep output cuts made during the COVID-19 pandemic.

It also comes despite calls from the Biden Administration for the group to pump more to lower fuel prices.

In a statement, the Biden Administration said it was disappointed in OPEC+'s decision.

Calling it shortsighted in light of global energy prices already lifted higher by Russia's invasion of Ukraine.

OPEC+ will hold its next meeting on December 4.