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Oil prices soared nearly 6% after Saudi Arabia and other major oil producers said that they will cut production by 1.15 million barrels per day from May until the end of 2023. The cuts in oil output by OPEC+ countries immediately pushed crude costs higher and are expected to boost gas prices in the U.S. and other countries. Higher oil prices will also complicate the efforts by central banks to rein in inflation.

Oil prices soar after OPEC+ announces production cuts

Oil prices soared nearly 6% after Saudi Arabia and other major oil producers said that they will cut production by 1.15 million barrels per day from May until the end of 2023. The cuts in oil output by OPEC+ countries immediately pushed crude costs higher and are expected to boost gas prices in the U.S. and other countries. Higher oil prices will also complicate the efforts by central banks to rein in inflation.

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