The shock announcement by several OPEC+ members to voluntarily cut their oil production by more than a million barrels per day from May has sent world oil prices soaring, in a move widely seen as the tightening of the bond between Russia and Saudi Arabia.
This is what you need to know about Sunday’s decision by some members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies:
Independent of the broader OPEC+ output policy, eight members of the bloc led by heavyweight Saudi Arabia announced they would cut a further 1.16 million barrels per day of production until the end of the year.
