Oil powers announce surprise cuts of more than 1 million bpd

23 Sept 06:57 Key points summarised by AI

Major oil powers, led by Saudi Arabia and including Russia, announced a surprise collective cut of over one million barrels per day (bpd) in oil production, effective from May until year-end.
This "precautionary measure" aims to stabilize the oil market and support producer budgets, following recent price drops linked to banking sector instability, immediately causing oil prices to surge by almost six percent.
The reductions risk exacerbating inflation and pressure for higher interest rates, directly contradicting calls from the United States to increase production to meet global demand.

Fresh clashes rock France as protesters march on

Today 15:08 Key points summarised by AI

Widespread clashes erupted across France as protesters marched against the cost of living, prompting a firm security backlash from President Macron's government.
Authorities deployed 70,000 security personnel, leading to nearly 1,000 arrests and two serious injuries amid an "extremely elevated level of violence" from "ultra-left" extremists.
Despite government claims of a more "positive" outcome than the previous week, riot police fired tear gas in multiple cities, sparking widespread anger over perceived assaults on the right to protest.
The unrest, which included clashes between far-right and "ultra-left" militants, highlights a febrile political atmosphere six months before presidential elections.