A surprise announcement by Opec+ to cut more production has jolted markets
London — Oil prices surged on Monday, posting the biggest daily rise in nearly a year, after a surprise announcement byOpec+ to cut more production jolted markets.
Opec and their allies including Russia shook markets by announcing further production cuts of about 1.16-million barrels per day on Sunday. As a result, Goldman Sachs lowered its end-2023 production forecast forOpec+ by 1.1 million bpd and raised its Brent price forecasts to $95 and $100 a barrel for 2023 and 2024, respectively, it said in a note.
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