Drivers have been warned that petrol prices could soar again after it was confirmed oil production will be slashed by two million barrels per day.

The deal was agreed by members of the Organisation of the Petroleum Exporting Countries (Opec) and Russia.

It marks the biggest reduction by the group since the height of the pandemic in 2020.

Oil prices had already jumped this week, on the expectation of supply being cut - raising fears this will push up fuel prices.

The price of a barrel of Brent crude jumped another almost 2% to more than $93 a barrel on Wednesday.

Read more: Cheapest petrol stations in Darlington, Durham and Teesside today 

Brent hit $139.13 a barrel in March, the highest since 2008 after the Ukraine war sparked fears of Russian oil supply loss.

Meanwhile, the average price of unleaded petrol is 162.43p a litre, according to the latest RAC fuel watch data. Diesel is at 180.28p a litre on average.

Back in July, unleaded petrol climbed to 191.43p a litre, while diesel has surged to 199.07p a litre.

A spokesman for the RAC motoring group the wholesale cost of fuel would "inevitably" be pushed up as a result.

"The question is when, and to what extent, retailers choose to pass these increased costs on at their forecourts," spokesman Simon Williams said.

"Despite three straight months of pump prices coming down, we believe that in many cases drivers are being charged more to fill up today than they should be based on average wholesale prices over the last few weeks."

OPEC said it wants to stabilise prices - but it comes despite calls from the White House to produce more oil.

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