Saudi Arabia's Production Cut Sends Oil Prices Soaring.
TL;DR Summary
Oil prices surged more than 2% after Saudi Arabia agreed to cut oil output by 1 million barrels a day in July, and OPEC+ extended current production levels through the end of 2024. The move was seen as a signal of Saudi Arabia's uneasiness with the level of short positions in the market rather than concerns around demand outlook.
- Oil prices jump more than 2% after Saudi Arabia sets July production cut MarketWatch
- Saudis Pledge Million-Barrel Cut at OPEC+ Meet; Oil Surges Bloomberg Television
- Saudi Arabia is slashing oil supply. It could mean higher gas prices for US drivers Yahoo News
- Saudi pledges big oil cuts in July Reuters
- Saudi Arabia to make 1m bpd production cut, others to extend cuts through 2024 ForexLive
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