---
title: "BP and Shell leap after production cut by Opec+"
publisher: "Share Talk"
author: "sharetalk"
published: "2023-04-03T09:14:23+00:00"
modified: "2023-04-03T09:14:23+00:00"
date: 2023-04-03
canonical: "https://www.share-talk.com/bp-and-shell-leap-after-production-cut-by-opec/"
category: "Blogs"
categories: ["Blogs", "Energy"]
tags: ["Asia", "BP", "economy", "Jamal Khashoggi", "Joe Biden", "Mohammed bin Salman", "oil", "OPEC", "President", "Riyadh", "Russia", "Saudi Arabia", "Shell", "UAE", "USA"]
image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1"
format: "news"
language: "en-GB"
---

# BP and Shell leap after production cut by Opec+

**Published:** April 3, 2023
**Author:** sharetalk
**Categories:** Blogs, Energy
**Tags:** Asia, BP, economy, Jamal Khashoggi, Joe Biden, Mohammed bin Salman, oil, OPEC, President, Riyadh, Russia, Saudi Arabia, Shell, UAE, USA
**Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1)

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**BP PLC (LSE:BP.)** and **Shell PLC (LSE:SHEL, NYSE:SHEL)** led the FTSE 100 risers after the announcement of a surprise cut in oil production by OPEC+ members.

The decision caused oil prices to soar, with Brent crude trading 5.3% higher at $84.10 and West Texas Intermediate up 4.9% at $79.43. Nigel Green at deVere Group described it as a significant reduction in a market where supply was expected to be tight for the second half of 2023.

Saudi Arabia pledged a voluntary cut of 500,000 barrels per day, while Russia extended its existing 500,000b/d production cut until year-end. Shares in BP and Shell rose by 4.2% and 3.9%, respectively.

Deutsche Bank warned that it could lead to inflation and prompt central banks to maintain higher interest rates for longer, hindering economic growth.

OPEC+ comprises 13 OPEC member countries, primarily in the Middle East, and 10 non-OPEC countries, including Russia, Mexico, and Kazakhstan.

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