OPEC+ Production Cut Sends Oil Prices Soaring.

OPEC+'s surprise production cut has caused a surge in crude oil prices, but traders are uncertain whether the rally will last due to concerns over weak demand indicators. The timing of the cut, which won't take effect until May, has also raised questions about whether the cartel is preparing for a recession-marked summer of tepid consumption or driving prices to $100 a barrel as demand surges. The shift of market control into the hands of Saudi Arabia and its allies has been cemented, leaving the oil market under the purview of OPEC+ at a time when some experts have predicted that demand is heading to a record.