Oil prices surge after surprise OPEC move ...News

Saudi Arabia and other oil producers announced further oil output cuts An unexpected announcement by the OPEC+ group of oil producing countries of a plan to slash their combined output by another 1,15 million barrels per day pushed the prices of crude up as much as 6% in early Monday trade. The oil producers who control roughly 50% of global oil supplies reached a decision to reduce their output starting from May until the end of 2023, in a move designed to “stabilize” the markets, according to a series of announcements on Sunday night. Riyadh said it would cut its output by 500,000 barrels per day, while Baghdad

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