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On Sunday, Saudi Arabia and other OPEC+ oil producers announced further oil output cuts of around 1.16 million barrels per day.
The surprise move sent shockwaves around the global energy market, with analysts predicting that it would cause an immediate rise in prices, and the United States called it inadvisable.
The pledges bring the total volume of cuts by OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, to 3.66 million bpd. This is said to be equal to 3.7% of global demand.
Companies operating in the energy market are expected to continue to see strong performance within this restricted market as fuel prices are likely to remain elevated over the medium term.
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