Graphic shows Brent crude oil prices and OPEC output since January 2022, with breakdown of cuts in production by country.
ECONOMY
Oil price surge after surprise cut in output
By Phil Bainbridge
April 3, 2023 - OPEC+, the international cartel of oil producing countries plus Russia, has announced a surprise cut in production, forcing prices up and risking new inflationary pressure on the global economy.
Related Graphics
View More
X (Twitter) loses 21 million users in Brazil ban
Global shortage of cocoa beans
U.S. election donations set to soar
Biggest box office weekend takings, summer 2024
Brain-controlled arm offers hope to amputees
The glory days of iron ore exports are over
Global bumper grain harvests see food prices fall
Starbucks replaces boss
Soaring gold price makes Olympic gold medals more valuable
Trump lags behind Harris with largest ever war chest
U.S. judge finds Google runs illegal search monopoly
Stocks rally after sell-off
Uncertain world markets trigger Nikkei index plunge
Paris is hosting a more cost-effective Olympics
“Deadpool & Wolverine” – one of 10 biggest movie openings
Tesla’s Q2 profits slump
Big orders for Boeing at Farnborough Airshow
Stegosaurus sets record at auction
Upskilling the global workforce
EU hikes tariffs on China’s EVs
Nvidia dethrones Microsoft and Apple
Russian assets to back Ukraine loan
Nvidia value hits $3tn, overtaking Apple
China’s EVs target Europe
The superpower battle for semiconductor supremacy
U.S. to curb civilian firearm exports to high-risk countries
Charting the billionaires as Musk’s wealth soars
Belgium, France, Italy and UK face rising debt challenge
Hollywood bounces back from summer of strikes
Most valuable coin collection to ever come to market
Including Russia, the cut will amount to around 1.6 million barrels per day, with Saudi Arabia leading with a 500,000 barrels/day supply reduction.
The move could exacerbate tensions between Saudi Arabia and the U.S. after President Joe Biden warned in October, just before the U.S. midterms when output was last cut, that the world needs lower prices to support economic growth and prevent Russia from increasing its revenue to fund the war in Ukraine.