OPEC and its allies, including Russia, agreed on Sunday to widen crude oil production cuts to 3.66 million barrels per day (bpd) or 3.7 per cent of global demand.
The surprise announcement helped push up prices by $5 per barrel to above $85 per barrel.
Here are the main reasons why OPEC+ is cutting output:
Concerns about weak global demand
Saudi Arabia has said voluntary output cuts of 1.66 million bpd on top of the existing 2 million bpd cuts were made as a precautionary measure aimed at supporting market stability.
