OPEC’s Decision To Cut Oil Production Leads To A Surge In Prices

• Oil prices surge up to 6% after OPEC-plus countries cut production.
• OPEC-plus countries cut production by more than 11 million barrels per day.
• WT I and Brent experience significant price increases due to production cuts.
• OPEC’s decision to stabilize the global oil market harms the global market.

   The global market experienced a negative impact after the decision of oil-producing countries to cut production. Oil prices surged up to 6 percent in the global market. West Texas Intermediate (WTI) went up 5.74% to $80 per barrel, while Brent increased 5.67% to $84.42 per barrel.

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It should be noted that OPEC-plus countries, including Saudi Arabia, announced a reduction in oil production by more than 11 million barrels per day.

According to the news agency, OPEC countries will cut 1.15 million barrels. OPEC countries have decided to cut production to stabilize the global oil market.