Daily News BriefApril 3, 2023 |
| Top of the Agenda OPEC+ Announces Surprise Cuts to Global Oil Output International oil prices rose today (Bloomberg) after Saudi Arabia and other oil-exporting nations announced plans to reduce output (AP) by 1.15 million barrels per day between May and the end of the year. The Organization of the Petroleum Exporting Countries (OPEC) and its partners, collectively known as OPEC+, had not previously signaled plans to slash output. Additionally, OPEC+ member Russia extended its ongoing cut of five hundred thousand barrels per day through the end of the year. The White House called the cuts ill-advised and pledged to work with producers and consumers to bring oil prices down. The oil producers’ announcement comes as Australia, the European Union, and Group of Seven (G7) countries try to enforce a global price cap on Russian oil. However, Japan negotiated an exemption from the cap due to its energy needs, the Wall Street Journal reported yesterday. |
Daily News BriefApril 3, 2023








