Oil prices spiked more than ten percent on Tuesday, as word of substantially reduced Saudi oil exports reached investors’ ears. The Middle Eastern kingdom has announced its intent to restrict the amount of oil that major companies can load this month by around 900,000 barrels. As the world’s number one exporter of the substance, Saudi action in the oil trade holds a lot of sway with traders. Other crude-producing nations taking part in output cuts include the United Arab Emirates, Algeria, and Qatar.
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