The surge in oil prices comes after OPEC+ announced an unexpected production cut totaling more than 1 million barrels per day.
Global oil prices surged early on Monday, after markets were surprised by the announcement of an unexpected cut to crude output by the oil-exporting OPEC+ group of nations a day earlier.Copyright 2021 The Associated Press. All rights reservedFutures of global benchmark Brent crude rose to $84.19 per barrel—its highest level in nearly a month—up more than 5.3% from Friday.
The domestic West Texas Intermediate futures rose above $81 per barrel before settling at $79.69, or 5.38% higher than Friday. The OPEC+ group of countries on Sunday announced production cuts totaling more than 1 million barrels per day, including 500,000 barrels a day cut by Saudi Arabia. Iraq said it would cut production by 211,000 barrels per day, the United Arab Emirates by 144,000 barrels and Kuwait by 128,000 barrels.that Moscow would extend its 500,000 barrels per day production cut till the end of 2023.the unexpected cut was a “precautionary measure aimed at supporting the stability of the oil market.”
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