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Oil Surges 8% After OPEC’s Surprise Output Cut, $100 Per Barrel Coming

View Source | April 3, 2023 6:35 am

  • Oil prices soared as much as 8% at the open after OPEC+ announced it was slashing output by 1.16 million barrels per day.
  • The voluntary cuts will start from May to end 2023, Saudi Arabia announced, saying it was a “precautionary measure” targeted toward stabilizing the oil market.
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