Saudi Arabia, other OPEC+ nations will further slash oil production
and other OPEC+ oil producers on Sunday announced further cuts in their production amounting to around 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. The Saudi energy ministry said the kingdom’s voluntary cut was a precautionary measure aimed at supporting the stability of the oil market.
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