Surprise OPEC Announcement

The initial cut is 1.1 million barrels then increases to 1.6 million barrels by August. 

In a move that is sure to rattle president Biden, OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut

OPEC+ announced a surprise oil production cut that will exceed 1 million barrels a day, abandoning previous assurances that it would hold supply steady to maintain a stable market.

That's a significant reduction for a market where — despite the recent price fluctuations — supply was looking tight for the latter part of the year. Oil futures weren't trading when the cut was announced on Sunday, but the inevitable price reaction could add to inflationary pressures across the world, forcing central banks to keep interest rates higher for longer and amplifying the risk of recession.