The Saudi-led oil producing group OPEC+ has signalled it would hold the oil supply steady to maintain a stable market.
But in a surprise move, the alliance, which includes Russia, announced it would slash output by more than one million barrels a day – its second cut in more than six months.
It is feared this could send oil prices back to $100 a barrel. It may also raise tensions between Riyadh and the United States, which has called on Saudi Arabia to pump more oil in a bid to tame inflation.
Elsewhere, the United Kingdom agrees to join the Asia-Pacific trade bloc.
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