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Oil prices surge after surprise move to cut output

04/02/2023 7:49:19 PM PDT · by 11th_VA · 29 replies
BBC ^ | Apr 2, 2023 | By Nick Edser

Oil prices have surged after several of the world's largest oil exporters announced surprise cuts in production. The price of Brent Crude oil jumped by more than $5 a barrel, or 7%, to above $85 as trading began. The increase came after Saudi Arabia, Iraq and several Gulf states said on Sunday they were cutting output by more than one million barrels a day. Oil prices soared when Russia invaded Ukraine, but are now back at levels seen before the conflict began...

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