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Oil prices have soared more than 5% after Saudi Arabia and other major oil producers said...

The reductions, on top of a Russian decision, to extend a cut of 500,000 barrels per day, and despite US calls to increase production, risk stoking inflation and pressure to raise interest rates.

The grouping of Organisation of Petroleum Exporting Countries (OPEC) and its allies, called OPEC+, on Sunday decided to further cut oil output by around 1.16 million barrels.

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This comes in coordination with some other OPEC and non-OPEC participating countries in the Declaration of Cooperation.

An official source in the Saudi Ministry of Energy stated

Oil drifted lower on Tuesday as more than a week of banking turmoil kept weighing on market confidence. Brent crude futures for May settlement dropped 71 cents, or 1 per cent, trading at $73.08 per barrel at 0514 GMT. US West Texas Intermediate (WTI) crude futures were down 74 cents, or 1.1 per cent, to $66.90 a barrel. In the previous session, both Brent and WTI fell about $3

Just days after Saudi Arabia signaled it could start investing in Iran, Iran has said it would welcome any investment in its oil industry.

Saudi Arabia, Russia reaffirm commitment to OPEC+ production cut until 2023 end

Saudi Arabia’s Energy Minister has said that the OPEC+ group will not change its production agreement before the end of the year.