{"id":666,"date":"2023-04-03T13:31:23","date_gmt":"2023-04-03T13:31:23","guid":{"rendered":"https:\/\/peoplesforumonline.com.ng\/about\/?p=666"},"modified":"2023-04-03T13:31:25","modified_gmt":"2023-04-03T13:31:25","slug":"saudi-led-opec-announcement-of-oil-production-cut-soars-prices","status":"publish","type":"post","link":"https:\/\/peoplesforumonline.com.ng\/about\/2023\/04\/03\/saudi-led-opec-announcement-of-oil-production-cut-soars-prices\/","title":{"rendered":"Saudi-led OPEC+ announcement of oil production cut soars prices"},"content":{"rendered":"<p>Oil prices have begun to skyrocket from this  Monday morning after Saudi-led OPEC+ announced a surprise cut in production.<\/p>\n<p>OPEC+ Saudi Arabia<br \/>\nInternational oil benchmark Brent crude rose as much as 8.4% to a high of $86.44 a barrel.<br \/>\nOil prices soared almost six per cent this morning after major producers led by Saudi Arabia indicated plans to cut of more than one million barrels per day.<\/p>\n<p>The West Texas Intermediate contract jumped 5.74 per cent to $80.01 a barrel, while Brent jumped 5.67 per cent to $84.42.<\/p>\n<p>The move will take effect from next month and will be the biggest reduction in output since the Opec+ Cartel slashed two million barrels per day since October last year.<br \/>\nThe slash by Saudi Arabia, Iraq, UAE, Kuwait, Algeria and Oman will be in effect from next month until the end of the year.<br \/>\nThe reduction came on the heels of a Russian decision to extend a cut of 500,000 barrels per day and in spite of US calls to increase production.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices have begun to skyrocket from this Monday morning after Saudi-led OPEC+ announced a surprise cut in production. OPEC+ Saudi Arabia International oil benchmark Brent crude rose as much as 8.4% to a high of $86.44 a barrel. Oil prices soared almost six per cent this morning after major producers led by Saudi Arabia [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-666","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/666","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/comments?post=666"}],"version-history":[{"count":1,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/666\/revisions"}],"predecessor-version":[{"id":667,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/666\/revisions\/667"}],"wp:attachment":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/media?parent=666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/categories?post=666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/tags?post=666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}