In a surprising move, OPEC+ is cutting oil production by 1.6 million barrels per day from May.
The Saudi Arabian-led oil-producing group OPEC+ has indicated that it is keeping oil supplies stable in order to maintain a stable market.
But in a surprise move, the alliance, which includes Russia, announced it would cut production by more than a million barrels a day — the second cut in more than six months.
It is feared that this could push oil prices back to $100 a barrel. It could also lead to tensions between Riyadh and the United States, which have called on Saudi Arabia to pump more oil in a bid to curb inflation.
Elsewhere, the United Kingdom agrees to join the Asia-Pacific trade bloc.