Brent Crude jumps by more than $5 a barrel after a group of oil exporters say they will cut production.
Oil prices have surged after several of the world's largest oil exporters announced surprise cuts in production.The increase came after Saudi Arabia, Iraq and several Gulf states said on Sunday they were cutting output by more than one million barrels a day.
High energy and fuel prices last year helped to drive up inflation - the rate at which prices rise - putting pressure on many households' finances. Saudi Arabia is reducing output by 500,000 barrels per day and Iraq by 211,000. The UAE, Kuwait, Algeria and Oman are also making cuts. Despite price fluctuations in recent months, there were concerns that global demand for oil would outstrip supply, especially towards the end of the year. The increase in oil prices following Sunday's announcement could potentially put more pressure on inflation - worsening the cost-of-living crisis and raising the risk of recession.
However, Sunday's announcement also underlines the close cooperation between oil-producing countries and Russia.of two million barrels per day .
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