Brent crude oil, the global benchmark, hit $84.80 a barrel by 8:30 a.m. ET, an increase of nearly $5, or more than 6%, from when the market closed Friday.
Algeria, Gabon, Iraq, Kazakhstan, Kuwait, Oman, Saudi Arabia and United Arab Emirates are collectively cutting production by more than 1 million barrels a day starting in May until the end of the year, OPEC+ announced Monday.
At the same time, Russia said it is reducing production to 500,000 barrels of oil a day until the end of the year. This puts total oil production from most OPEC+ members and Russia at about 1.6 million barrels a day.
