How Saudi Arabia & Russia are crushing the US and UK economies? : Saudi Arabia vs USA

On the 5th of October 2022, the Organisation of the Petroleum Exporting Countries and its allies including Russia agreed to cut their production of oil by 2 million barrels a day. This is so much oil that it accounts for 2% of the entire world's oil supply and this can have some severe consequences on economies all across the world including the US, UK and India. Now considering the fact that both US and UK are already at the brink of a recession, this oil spike could escalate their situation to a disaster!!
Which is why, in response to it, the United states are passing something called the NOPEC bill!! and the UK govt is deploying something called Price cap strategy!! So in short, Russia, Middle east and the west are now engaged in an oil war that could decide the fate of the world economy in 2023!!!
So the question is,
What exactly is OPEC and why are they cutting down their oil production?
What is this NOPEC bill all about?
What is UK's price cap strategy?
And most importantly, how will this oil war affect India and the world in the next 1 year???