Oil prices last month fell towards $70 a barrel on concern that the global banking crisis would hit demand. Still, further action by OPEC+ to support the market was not expected as crude recovered toward $80.
Total OPEC+ cut pledges now stand at 3.66 million bpdDUBAI, April 2 - Saudi Arabia and other OPEC+ oil producers on Sunday announced further cuts in their production amounting to around 1.16 million barrels per day in a surprise move that analysts said would cause an immediate rise in prices.
Sunday's pledges bring the total volume of cuts by the Organization of the Petroleum Exporting Countries, Russia and other allies to 3.66 million bpd according to Reuters calculations, equal to 3.7% of global demand. Last October, OPEC+ had agreed to an output cut of 2 million bpd from November until the end of the year, a move that angered Washington as tighter supply boosts oil prices.
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