HONG KONG, April 3 — Oil prices soared almost six percent in Asian trade this morning after major producers led by Saudi Arabia announced a surprise cut of more than one million...
HONG KONG, April 3 — Oil prices soared almost six percent in Asian trade this morning after major producers led by Saudi Arabia announced a surprise cut of more than one million barrels per day.
The move by Saudi Arabia, Iraq, UAE, Kuwait, Algeria and Oman will be in effect from next month until the end of the year, and marks the biggest reduction in output since the Opec+ cartel slashed two million barrels per day in October. The announcement will fan fresh fears about inflation and put more pressure on central banks to hike interest rates further.
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