Riyadh | OPEC+ announced a surprise oil production cut of more than 1 million barrels a day, abandoning previous assurances that it would hold supply steady and posing a new risk for the global economy.

It’s a significant reduction for a market where – despite the recent price fluctuations – supply was looking tight for the latter part of the year. Oil futures soared as much as 8 per cent at the open on Monday, adding to inflationary pressures across the world that may force central banks to keep interest rates higher for longer and crimp economic growth.

Bloomberg