After the OPEC+ announced cuts totaling up to 1.15 million barrels per day from May until this year’s end, oil prices jumped as much as 8%.
Higher oil prices would help Russia with the much-needed cash flow to continue its war on Ukraine.
The move comes when the United States had asked Saudi Arabia and allies to increase production as it tries to bring down prices.
Among the OPEC members, Saudi Arabia announced the biggest cut at 50,000 barrels per day. The cuts are over and above the reduction announced last October.