The IEA said the energy alliance's surprise production cut was likely to spell bad news for consumers at a time of heightened economic uncertainty.
In its latest monthly oil market report, the IEA said the energy alliance's self-described "precautionary move" was likely to spell bad news for consumers at a time of heightened economic uncertainty.
Several OPEC+ members announced on April 2 that they were set to tighten global production by an additional 1.16 million barrels per day until the end of the year. Led by Saudi Arabia and Russia, OPEC+ is an influential group of 23 oil-exporting nations that meets regularly to determine how much crude to sell on the global market.
The cuts add to Russia's existing plans to trim 500,000 barrels per day of its production from March until at least the end of the year. It means the combined voluntary cuts of OPEC+ members will be in excess of 1.6 million barrels per day.
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