Bandar Algaloud/Reuters
- OPEC+ members said Sunday that they'd slash their oil output by more than 1 million barrels a day.
- Crude futures jumped as much as 8% on the unexpected announcement, reigniting inflation fears.
- Here's everything you need to know about the cartel's surprise production cuts.
The Organization of Petroleum Exporting Countries and its allies, together known as the OPEC+, slashed their oil output in a shock decision on Sunday, sending crude prices rallying and igniting fears of a global inflation rebound.
Analysts are already warning that the cartel's latest move could have knock-on effects across the world economy.