Oil prices experienced a more than 2% decline on Thursday, triggered by the OPEC+ agreement on voluntary oil output cuts for the first quarter of next year. However, these cuts fell short of market expectations.

OPEC+ extends oil production cuts

In a series of public statements, on Sunday (April 2), Saudi Arabia and other OPEC+ members announced that they would further reduce oil production amounting to around 1.16 million barrels per day. The move, according to the countries, is aimed at market stability. The announcement comes a day before a virtual meeting of an OPEC+ ministerial panel is to convene, reported Reuter

Crude prices soar after surprise output cuts

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OPEC+ extends oil production cuts

Crude prices soar after surprise output cuts