Oil prices rise after major producers vow to cut production

Oil prices rise after major producers vow to cut production

Oil prices are up almost 5% after Saudi Arabia and other major producers vowed to cut production.

Brent crude, the international oil benchmark, was up 4.85% early on Monday to $83.77 per barrel after it was announced that production would be cut by 1.15 million barrels per day from May until the end of the year.

The resulting price increases will take some time to filter through to forecourts but will eventually add to the difficulties facing many in the UK during the cost of living crisis.