Oil prices surged on Monday after Saudi Arabia and other OPEC+ producers announced a surprise cut in the amount of crude they plan to pump out every month.
The price of a barrel of West Texas Intermediate surged eight per cent to as high as $80.67 a barrel on news that the Organization of Petroleum Exporting Countries would aim to cut output by around 1.16 million barrels per day.
Russian energy spokesman Dmitry Peskov said the move was designed to “keep crude oil and petroleum product prices at a certain level.” Officially, Russia is not a member of Saudi-led OPEC, but has been loosely co-operating
