OPEC+ said on Wednesday that it will slash oil production by 2 million barrels per day, the biggest cut since the start of the Covid-19 pandemic, media reports said.
The group of major oil producers, which includes Saudi Arabia and Russia, announced the production cut following its first meeting in person since March 2020. The reduction is equivalent to about 2 per cent of global oil demand, CNN reported.
The price of Brent crude oil rose more than 1 per cent to nearly $93 a barrel on the news, adding to gains this week ahead of the gathering of oil ministers. US oil was up 1.5 per cent to $87.75, the report said.
