OPEC+ members have announced further voluntary cuts of 2.2 million barrels per day (mbpd) for another three months. At 14:22 GMT, Brent futures increased by $0.19 to $83.74 a barrel, following a 2.4% increase last week. The latest voluntary cuts have significantly reduced the combined production targets of member countries by around 2.2mbdpd amid rising global geopolitical tensions.