A group of the world’s top oil-producing countries have announced they will make deep cuts to the amount of barrels they export in a decision expected to raise oil prices around the world.
Members of Opec+ – a group of countries including Russia and the United Arab Emirates – will slash their production by two million barrels per day.
The demand on the limited oil supply will provide a welcome income boost for Russia, which is facing financial pressure due to the war and international economic sanctions.
It will also mean higher prices for consumers, with news of the planned production cut pushing prices up by 1 per cent to $92.74 (£82.74) a barrel today.
United Arab Emirates Energy Minister Suhail al-Mazroui has defended the move, saying “the decision is technical, not political”.
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