Oil Surges After OPEC+'s Unexpected Crude Production Cut

OPEC+ announced unexpected production cuts of 1 million barrels per day, led by Saudi Arabia, with contributions from Iraq, Kuwait, UAE, and Russia. This decision, made before a scheduled meeting, caused oil prices to surge by 8% as Asian markets opened. The cuts are seen as a move to boost oil prices amid recent market turmoil. The White House criticized the decision, citing concerns over inflation and market uncertainty, potentially straining US-Saudi relations. The cuts will reduce global oil supply by 1.6 million barrels per day from July, impacting traders and analysts.

Which countries are contributing to the production cuts alongside Saudi Arabia?

What is the expected impact of the production cuts on the oil market in the coming months?