Oil prices surge after surprise move to cut output by OPEC+countries
The reduction in crude oil output by OPEC+ countries announced last weekend is expected to worsen inflationary pressures on the global economy. The voluntary cuts in production include 500,000 barrels per day (bpd) by Saudi Arabia, 211,000 bpd by Iraq, 144,000 bpd by the United Arab Emirates, 128,000 bpd by Kuwait, 48,000 bpd by Algeria, … Read more