Starting next month, Algeria, Gabon, Iraq, Kazakhstan, Kuwait, Oman, Saudi Arabia and the United Arab Emirates will slash oil output by more than 1 million bpd. – EPA pic, April 4, 2023.
WORLD oil prices soared yesterday after several top producers led by Saudi Arabia sprang surprise output cuts despite already angering the United States with a similar move last year. Crude futures surged almost 8% 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.
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