Oil prices surge 8% after OPEC’s surprise output cut; analysts warn of $100 per barrel
April 3, 2023
Source: CNBC

Oil prices surge 8% after OPEC’s surprise output cut; analysts warn of $100 per barrel

Oil prices surged as much as 8% at the open after OPEC+ announced it was slashing output by 1.16 million barrels per day. The voluntary cuts will start from May to end 2023, Saudi Arabia announced, saying it was a “precautionary measure” targeted toward stabilizing the oil market.

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