Oil prices jumped following OPEC kingpin Saudi Arabia's decision to cut production by another million barrels per day.
"The market did not widely expect the Saudi decision to cut production by 1 million barrels per day unilaterally," President of Rapidan Energy Bob McNally told CNBC in an e-mail following the decision.
"It once again demonstrated that Saudi Arabia is willing to act unilaterally to stabilize oil prices," McNally said, citing the example of January 2021 when the oil titan unilaterally cut by production by 1 million barrels per day.of production declines until the end of this year.
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