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Oil Surges After Saudi Arabia Pledges More Production Cuts

Posted on AllSides June 4th, 2023
From The Left

Oil jumped after Saudi Arabia pledged an extra 1 million barrel-a-day oil supply cut in July to stabilize the market. Saudi Energy Minister Prince Abdulaziz bin Salman said he “will do whatever is necessary to bring stability to this market” following an OPEC+ meeting over the weekend. The rest of the coalition offered no additional action, but did pledge to maintain their existing curbs until the end of 2024. West Texas Intermediate surged almost 5% to $75.06 a barrel, while Brent futures rose as high as $78.47 a barrel. Concerns...

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https://bloomberg.com/news/articles/2023-06-04/latest-oil-market-news-and-analysis-for-june-5

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