Saudi Arabia's Oil Cuts Send Prices Soaring.
TL;DR Summary
Oil prices rose over $1 a barrel after Saudi Arabia announced it would cut production by another 1 million barrels per day from July, counteracting macroeconomic headwinds that have depressed markets. The voluntary cut pledged by Saudi is on top of a broader deal by OPEC+ to limit supply into 2024 as the group seeks to boost flagging oil prices. The additional cut by Saudi is likely to deepen the market deficit to more than 3 million bpd in July, which could push prices higher in the coming weeks.
- Oil jumps 2% on Saudi plan to deepen output cuts from July Reuters.com
- 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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