Saudi Arabia and other OPEC+ oil producers on Sunday announced 1.16 million barrels/day of production cuts ahead of Monday's scheduled ministerial meeting. Saudi Arabia said the move is aimed at supporting stability in the oil market.

Global-FYI tracks critical developments fon the global markets including political news, special central bank announcements, and substantial moves in the financial markets.

Major political events and special announcements by the global central banks can shift both the short-term and long-term outlooks for the global economy and financial markets.