“OPEC+, meaning the Organization of Petroleum Exporting Countries (OPEC), and its allies, the plus sign, announced it would cut production by over 1 million barrels of crude oil a day. For some context, there are about 100 million barrels of oil produced worldwide each day, so this is about 1 percent of the global supply.
The unexpected move, spearheaded by Saudi Arabia and Russia, sent oil prices higher, the intended outcome. The per-barrel price of Brent crude oil, an international benchmark, and West Texas Intermediate (WTI), a United States benchmark, subsequently rose above $80. Prior to this, oil prices were in the $60 and $70 range. OPEC+ had already cut production by 2 million barrels a day in October 2022.”
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“this is a preemptive move from OPEC+ ahead of an economic slowdown and potential recession. It’s also an attempt by the cartel to sort of put a floor on oil prices, and a signal it likes that $80 number.”
https://www.vox.com/money/2023/4/3/23668583/opec-oil-prices-increase-gas-saudi-arabia-news-inflation