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...
