OPEC's surprise production cuts cause oil prices to surge.
TL;DR Summary
Oil prices surged up to 8% after OPEC+ announced a surprise output cut of 1.16 million barrels per day, with Saudi Arabia and UAE among the countries pledging respective cuts. The voluntary cuts will start from May to end 2023, aimed at stabilizing the oil market. Analysts warn that the cut could push oil prices towards $100 per barrel again, considering China's reopening and Russia's output cuts as a retaliation move against western sanctions. However, the cut could also reverse the decline in inflation, complicating central banks' rate decisions.
- Oil prices surge 8% after OPEC's surprise output cuts; analysts warn of $100 per barrel CNBC
- Saudis, other oil giants announce surprise production cuts AOL
- Oil Surges After OPEC+'s Unexpected Crude Production Cut Bloomberg Television
- OPEC+ announces surprise oil production cut that could lead to higher prices at pump Fox Business
- Oil prices surge on output cut, take gloss off US inflation Reuters
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