Updated: April 03, 2023, 07:16 PM IST
livemint
OPEC+ announces major oil production cut… MoreThe announcement of a major oil production cut by OPEC+ countries pushed global oil prices up 6% in morning trade. Riyadh has announced plans to cut oil production by 500,000 barrels per day along with other major oil producers. Voluntary cuts announced by OPEC+ countries will come into force from May but markets reacted sharply to the news on Monday. The West Texas Intermediate contract jumped 5.7% to $80 a barrel and Brent jumped 5.67% to $84.4. The cuts announced by OPEC+ will be in effect until the end of the year. Earlier, OPEC+ had cut oil production by 2 million barrels per day in October. This is the biggest cut in oil production since then.