Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia.Andrey Rudakov | Bloomberg | Getty ImagesOil prices surged as much as 8% at the open after OPEC+ announced it was slashing output by 1.16 million barrels per day.Brent crude futures last jumped 5.07% to $83.95 a barrel on that news, and U.S. West Texas Intermediate crude futures soared 5.17% to $79.59 a barrel.The voluntary cuts will start from May to end 2023, Saudi Arabia announced, saying it was a “precautionary measure” targeted toward stabilizing the oil market.The move comes on the back of Russia’s decision to trim oil production by 500,000 barrels per day until the end of 2023, according to the country’s Deputy Prime Minister Alexander Novak.Other member states have also pledged respective cuts, with OPEC Kingpin Saudi Arabia reducing 500,000 barrels per day and UAE cutting 144,000 barrels per day, amongst other cutbacks from Kuwait, Oman, Iraq, Algeria and Kazakhstan.”OPEC+’s plan for a further production cut may push oil prices toward the $100 mark again, considering China’s reopening and …
