Oil prices soar after surprise OPEC+ production cut ...Kuwait

Oil prices soared almost six percent on Monday morning after major producers led by Saudi Arabia announced a surprise cut of more than one million barrels per day. The West Texas Intermediate contract jumped 5.74 percent to $80.01 a barrel, while Brent jumped 5.67 percent to $84.42. The move by Saudi Arabia, Iraq, UAE, Kuwait, Algeria and Oman will be in effect from next month until the end of the year, and marks the biggest reduction in output since the OPEC+ cartel slashed two million barrels per day in October. The reduction came on top of a Russian decision to extend a cut of 500,000 barrels per day and in spite of US calls to increase production. The announcem

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