What will it mean for petrol prices after Saudi Arabia cut oil production?

Brent crude oil is trading close to $85 a barrel, jumping by almost 6 per cent.

(AP)

Oil prices have shot up after several of the world’s largest oil exporters announced surprise cuts to their production.

The cuts by Saudi Arabia, Iraq and several Gulf states total 1.15 million barrels per day from May until the end of the year.

In the wake of the announcement, the price of Brent crude oil was trading close to $85 a barrel, jumping by almost 6 per cent.