In the past few weeks, the global market has just experienced a "crazy March" under the ravages of the banking crisis.
On the first trading day in April, the market was significantly impacted as a number of OPEC and non-OPEC participating countries suddenly announced the implementation of voluntary oil production cuts on Sunday (April 2).
The total reduction in production by those oil-producing countries is expected to exceed 1.6 million barrels per day, accounting for about 1.5% of global oil production.
The news quickly triggered great volatility in global markets after the market opened on Monday. International oil prices soared sharply after the opening of the week. WTI crude oil futures soared 8% at one point, the biggest intraday gain in more than a year, rising above $81 a barrel. The international benchmark Brent crude oil also rose by about 5%, once exceeding $85 per barrel.
Saudi Arabia, OPEC's biggest oil producer, said on Sunday it would voluntarily cut crude output by 500,000 barrels a day from May until the end of 2023. The Saudi Ministry of Energy pointed out that the voluntary Saudi production cut is a precautionary measure aimed at supporting the stability of the oil market.
In addition to Saudi Arabia, the United Arab Emirates, Kuwait, Iraq, Oman and Algeria also said on the same day that they would voluntarily cut production during the same period.
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