The move comes ahead of Monday's ministerial meeting and is expected to push up prices
Dubai — Saudi Arabia and other Opec+ oil producers on Sunday announced further cuts in their production amounting to about 1.16-million barrels per day in a surprise move that analysts said would cause an immediate rise in prices.
The latest reductions could lift oil prices by $10 per barrel, the head of investment firm Pickering Energy Partners said on Sunday, while oil broker PVM said it expected an immediate jump once trading starts after the weekend. “Opec is taking pre-emptive steps in case of any possible demand reduction,” Amrita Sen, founder and director of Energy Aspects, said on Sunday.
The US has argued that the world needs lower prices to support economic growth and prevent Russian President Vladimir Putin from earning more revenue to fund the Ukraine war.Top Opec producer Saudi Arabia said it would cut output by 500,000 bpd while Iraq will reduce its production by 211,000 bpd, according to official statements.
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