Oil powers announce surprise cuts of more than 1 million bpd
Saudi Arabia and other major oil producers announced a surprise production cut of more than one million barrels per day on Sunday, citing it as a “precautionary” move aimed at stabilising the market.
The reductions, on top of a Russian decision to extend a cut of 500,000 barrels per day, risk stoking inflation and pressure to raise interest rates.
The cuts follow a drop in oil prices triggered by jitters over the banking sector.
