OPEC+ surprised markets on Monday by cutting oil production by 1.16 million barrels per day, causing crude oil prices to rise sharply. See potential bias and similarities in coverage from washingtonpost, Forbes and FoxNews: OPEC Oil
OPEC+ surprised markets on Monday by cutting oil production by 1.16 million barrels per day, causing crude oilThe production cuts will run from May to the end of 2023. About half of the cuts,barrels per day, will come from Saudi Arabia alone; a Saudi official called the move “a precautionary measure aimed at supporting the stability of the oil market.” As of Monday afternoon, crude oil prices had risen by over 6%.
, but analysts generally expected gas prices to rise. Prices for natural gas, on the other hand, had dropped 5.7% by Monday afternoon.
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OPEC+ announces surprise oil production cut that could lead to higher prices at pumpA group of OPEC and OPEC+ countries led by Saudi Arabia, Iraq and UAE announced voluntary oil production cuts of more than 1 million barrels per day in a surprise move.
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