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Oil prices have surged after Saudi Arabia, Iraq and several Gulf states said on Sunday they were cutting output by more than one million barrels of oil a day. In addition, Russia said it will extend its cut of half a million barrels per day until the end of the year. Now markets are raising concerns about petrol prices which is again demonstrating the dependence of the global economy from the oil industry.

(Picture: Oil platform at sea at sunset. World Oil Industry. Picture Credit: Getty Images)