The United States Brent Oil ETF, LP (BNO): Major oil producers in the OPEC+ group a...

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Sunday, 04/02/2023 5:16:22 PM

Sunday, April 02, 2023 5:16:22 PM

Major oil producers in the OPEC+ group announced a surprise addition to production cuts Sunday.

Saudi Arabia, the top producer in the group that includes Russia, will cut 500K barrels per day. The total new cuts are about 1.16 bpd, bringing total cuts including the previous 2M bpd to about 3.66M, according to data from Reuters.

Russia reportedly made a cut of 500K bpd until the end of this year.

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