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 Oil price surge after surprise cut in output infographic
Graphic shows Brent crude oil prices and OPEC output since January 2022, with breakdown of cuts in production by country.


Olieprijs stijgt na verrassende productieverlaging

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.

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.

PUBLISHED: 03/04/2023; STORY: Graphic News; PICTURES: Getty Images