Oil prices surged on Monday as the world’s major oil-producing nations agreed to cut output at the same time as a price cap placed on Russian seaborne crude oil by the G7 and its allies came into force.
The US, Canada, the UK, France, Germany, Italy, and Japan, as well as the rest of the EU and some other Western allies, on Friday agreed to cap the price paid for Russian seaborne crude oil at $60 (£49) a barrel as part of an international campaign in response to Russia’s invasion of Ukraine.
