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Oil prices jump after surprise OPEC production cut

The oil production cuts will total more than a million barrels per day — the biggest reduction since OPEC slashed two million barrels a day in October.

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25 Apr 2020
These are strange times indeed — with oil prices in negative territory, sellers are practically giving it away. But is that really because of the coronavirus or is it about the oil market itself?
19 May 2020
Oil prices have climbed up in recent times driven by relaxed coronavirus restrictions and lock-downs in some countries which have allowed some businesses and factories to resume operations. The market was also supported by Saudi Arabia’s decision to further deepen its output cut. Rolake Akinkugbe-Filani, Managing Director of Energyinc Advisors joins CNBC Africa to focus on the global oil market and its implication for Nigeria.
20 May 2020
Oil prices have climbed up in recent times driven by relaxed coronavirus restrictions and lock-downs in some countries which have allowed some businesses and factories to resume operations. The market was also supported by Saudi Arabia’s decision to further deepen its output cut. Rolake Akinkugbe-Filani, Managing Director of Energyinc Advisors joins CNBC Africa to focus on the global oil market and its implication for Nigeria.
20 Oct 2020
Nigeria is officially in recession for the first time in more than a decade, bringing an end to three years of low but positive growth. The African country's economy relies heavily on oil exports, but the coronavirus pandemic has slashed global demand and the price of oil has plunged. That's bad news for a country whose budget plans relied on getting a certain price per barrel, a price that now means Nigeria is selling crude at a loss. Our correspondent Moïse Gomes reports from Lagos.
18 Nov 2020
Here are a few reasons to pick up a copy of The Guardian on Wednesday⁣⁣. Find these stories and much more when you grab a copy of The Guardian on Wednesday.⁣⁣ ⁣
7 Jul 2021
The price of oil has hit its highest level in three years after the oil cartel OPEC and its allies called off planned talks on Monday over changes to global supplies. Russia and Saudi Arabia had been pushing to increase production after last year's supply cuts, but the United Arab Emirates disagreed. News that the virtual meeting had been abandoned sent oil prices higher in early trading on Tuesday. Also today, we look at how a shortage of rental cars is impacting holidaymakers in France.
22 Dec 2021
Find these stories and much more when you grab a copy of The Guardian on Wednesday.⁣⁣
19 Jan 2022
Brent crude topped $88 a barrel in Tuesday trading, its highest level since October 2014 - creating a further potential headache for squeezed UK consumers if the increase is passed on to petrol pumps.
24 Feb 2022
Russia's move to recognise the breakaway Ukrainian regions of Donetsk and Luhansk has sent ripples through global markets on Tuesday, with falls across Asia, and in early trading in Europe. Oil prices also jumped, with the international benchmark Brent Crude hitting its highest level since mid-2014. Investors are now focusing on which sanctions the United States, the United Kingdom and the European Union might impose on Russia in response.
23 Feb 2022
Global stock markets have taken a beating as investors rush for safe havens amid an escalation in geopolitical tensions over Ukraine. Russian stocks and bonds as well as the ruble are among the biggest losers.
23 Feb 2022
Victoria Scholar, head of investment at Interactive Investor, says the geopolitical volatility and limited supplies mean oil prices will continue to rise and are likely to pass well beyond the symbolic $100 per barrel level.
7 Mar 2022
Crude oil futures touched 13-year highs on Monday as the US and UK signalled a willingness to include the previously untouched Russian energy sector in sanctions. Meanwhile, more US firms and Chinese social media giant TikTok are suspending Russian operations, and new UK laws to sanction Russian oligarchs could mean big changes for London's luxury real estate market.