The banking crisis hammered crude oil prices so much that OPEC stepped in with a shock 1 million-barrel-a-day production cut

Mon, 04/03/2023 - 00:50

OPEC OPEC+ oil producers oil price — The banking crisis hammered crude oil prices so much that OPEC stepped in with a shock 1 million-barrel-a-day production cut.
Ramzi Boudina/Reuters

OPEC+ nations announced oil output cuts totaling 1.2 million barrels a day on Sunday.
Crude oil futures rose as much as 8% on the news. They had tumbled in March due to the bank crisis.
The move is a "precautionary measure aimed at supporting the stability of the oil market," per Saudi Arabia.

The banking crisis in March hammered crude oil prices so much that the Organization of the Petroleum Exporting Countries, or OPEC, stepped in with massive production cuts to stem the bleeding.