Japan breaks with western allies and buys Russian oil

Japan is now buying Russian crude oil above the $60-a-barrel cap after OPEC+ slashed production, forcing prices even higher.

Oil prices surged on Monday, posting their biggest daily rise in nearly a year, after a surprise announcement by OPEC+ to cut more production jolted markets.

Crude futures surged almost eight percent at one stage, a day after multiple members of the OPEC+ exporters' alliance unexpectedly slashed production by a total of more than one million barrels per day.

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