Saudi Arabia and other Opec+ oil producers on Sunday announced voluntary cuts to their production amounting to around 1.15 million barrels per day in a surprise move they said was aimed at supporting market stability.
The group had been largely expected to stick to its already agreed 2 million bpd cuts when its ministerial panel, which includes Saudi Arabia and Russia, meets virtually on Monday.
The unexpected 1.15 million barrel per day production cut could lift global oil prices by $10 per barrel, the head of investment firm Pickering Energy Partners said on Sunday.
