Brent crude, the global benchmark, jumped 4.8% to $83.73 a barrel, while WTI, the US benchmark, rose 4.9% to $79.36On Sunday, Saudi Arabia announced that it would start “a voluntary reduction” in its production of crude oil, alongside other members or allies of theIn October last year, oil producers agreed to rip output by 2 million barrels daily, equivalent to about 2% of global oil demand, the largest cut since the start of the pandemic.
Saudi Arabia now says it will cut oil production by another half a million barrels a day and this will result in further oil price hike.Meanwhile, Iraq will slash production by 200,000 barrels per day, and the United Arab Emirates will decrease output by 144,000 barrels per day and more countries started to slash production, including Russia, a member of OPEC+.
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