Oil prices to rise as two million fewer barrels to be produced each day
 

[The announcement has been widely
expected and oil prices had risen 5% since Friday.
The benchmark of oil prices,
Brent crude, rose to $91.95 (£81.69) following
news of the production cut.]




[Two million fewer barrels of oil
are to be produced each day,
equivalent to 2% of global supply,
the Organisation of the
Petroleum Exporting Countries (Opec)
and Russia have agreed.

The move is an effort to increase prices
in countries feeling the heat from high
energy costs.

Group members Saudi Arabia and Russia
have led the group to cut output
which is the sharpest decline since
the early days of the pandemic
when demand collapsed and
oil prices dropped steeply.]


https://news.sky.com/story/oil-price...h-day-12712857