Monsurat
Oil prices have surged after several Oil producers announced a surprising output cut in production. Saudi Arabia and other OPEC+ oil producers announced the cut which amounts to around 1.16 million barrels per day on Sunday.
Reports by BBC says Russia will extend its cut of half a million barrels per day until the end of the year. The price of Brent crude oil is trading above $84.19 a barrel after jumping by more than 5%.
The change comes before virtual meeting of an OPEC+ ministerial panel, which includes Saudi Arabia and Russia. Report says the US has been calling for producers to increase output in order to push energy prices lower.
A spokesperson for the US National Security Council, said in BBC report, “we don’t think cuts are advisable at this moment given market uncertainty and we’ve made that clear.”
Saudi Arabia is reducing output by 500,000 barrels per day and Iraq is reducing by 211,000, said the report. The UAE, Kuwait, Algeria and Oman are also making cuts.
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