World oil prices soar on sudden OPEC+ output cut

The surprise production cut by OPEC+ will eliminate the current supply surplus and push world oil markets into a deeper deficit later this year.Before the intervention, global oil supply was set to exceed demand by about 500,000 barrels a day from April to June, before flipping into a deficit in the second half as China’s post-pandemic demand recovery picks up, according to Bloomberg calculations using data from the International Energy Agency.