By Nicholas Earl Prices at the pumps will spike following OPEC’s decision to heavily cut oil production, warned motoring group RAC. Fuel spokesperson Simon Williams argued the cartel’s pledge to reduce output by 2m barrels per day would “inevitably see oil prices rise”, consequently driving up the wholesale cost of fuel. This follows three straight months of petrol prices falling across UK forecourts, with oil prices sliding from over $120 per barrel in June to around $90 per barrel on both major benchmarks amid growing recession fears and reduced demand. However, RAC believes the retailers ha…