April 18, 2024

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OPEC producers have announced an unexpected cut in oil production

OPEC producers have announced an unexpected cut in oil production
  • By Nick Etcher
  • Business Correspondent, BBC

image source, Good pictures

Many of the world’s biggest oil exporters have announced surprise production cuts, so prices are expected to rise.

The decision was taken by members of the Organization of the Petroleum Exporting Countries (OPEC), which accounts for about 40% of global crude oil production.

Saudi Arabia, Iraq and several other Gulf countries have announced production cuts to support market stability.

Oil prices rose when Russia invaded Ukrainein February 2022, but is now in pre-conflict stages.