Oil prices surge 6% on shock output cuts | Business

  • 📰 News24
  • ⏱ Reading Time:
  • 47 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 80%

Business News News

Business Business Latest News,Business Business Headlines

World oil prices soared Monday after several top producers led by Saudi Arabia sprang surprise output cuts despite already angering the United States with a similar move last year. | News24_Business

Crude futures surged almost eight percent at one stage, a day after multiple members of the OPEC+ exporters' alliance unexpectedly slashed production by a total of more than one million barrels per day.The shock reduction will start in May and last until the end of the year, with OPEC+ saying Monday it involves Algeria, Gabon, Iraq, Kazakhstan, Kuwait, Oman, Saudi Arabia and the United Arab Emirates.

At the time, the White House accused OPEC+ of"aligning with Russia", saying the cuts would boost Moscow's revenue and undermine Western sanctions imposed over its invasion of Ukraine. The Kremlin also defended the decision, saying it was"in the interests of global energy markets for world oil prices to remain at a good level".

"With the fizzling out of the banking crisis and the return of optimism to the markets, the price of the barrel was already showing signs of recovering," he noted. Shares in Britain's BP and France's TotalEnergies were up more than five percent in afternoon deals, while Shell rose 4.7 percent.However, the weekend development also fanned concerns over a fresh spike in consumer prices that could put pressure on central banks to push interest rates even higher - and dent the global economy."There's real concern that the surprise decision...

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil market surges on shock output cutsWorld oil prices soared Monday after several top producers led by Saudi Arabia sprang surprise output cuts that defied US calls for higher production to keep inflation down.
Source: eNCA - 🏆 49. / 51 Read more »