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World Business Report: First broadcast 03/04/2023 14:32 GMT : Production cut sends oil prices high

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Production cut sends oil prices high

First broadcast 03/04/2023 14:32 GMT 

First broadcast 03/04/2023 14:32 GMT : Production cut sends oil prices high

BBC World Service - World Business Report, Production cut sends oil prices high

Brent crude oil is trading above $84 a barrel after OPEC announcement.

Economists have warned higher oil prices could make it harder to bring down the cost of living.

Oil prices have surged after Saudi Arabia, Iraq and several Gulf states said on Sunday they were cutting output by more than one million barrels of oil a day. In addition, Russia said it will extend its cut of half a million barrels per day until the end of the year. Now markets are raising concerns about petrol prices which is again demonstrating the dependence of the global economy from the oil industry.

(Picture: Oil platform at sea at sunset. World Oil Industry. Picture Credit: Getty Images)

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First broadcast 03/04/2023 14:32 GMT : Production cut sends oil prices high

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