{"id":18139,"date":"2023-06-04T18:58:58","date_gmt":"2023-06-04T22:58:58","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-prices-jump-more-than-2-bbl-after-saudi-pledges-to-cut-more-output\/"},"modified":"2023-06-04T18:58:58","modified_gmt":"2023-06-04T22:58:58","slug":"oil-prices-jump-more-than-2-bbl-after-saudi-pledges-to-cut-more-output","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=18139","title":{"rendered":"Oil prices jump more than $2\/bbl after Saudi pledges to cut more output"},"content":{"rendered":"
\n

By Florence Tan<\/p>\n

SINGAPORE (Reuters) – Oil prices jumped more than $2 a barrel in early Asian trade on Monday, hours after the world’s top exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July.<\/p>\n

futures was at $78.42 a barrel, up $2.29, or 3%, at 2219 GMT after earlier hitting a session-high of $78.73 a barrel.<\/p>\n

U.S. West Texas Intermediate crude climbed $2.27 a barrel, up 3.2%, or $74.01 a barrel, after touching an intraday high of $75.06 a barrel.<\/p>\n

Saudi Arabia’s output would drop to 9 million barrels per day (bpd) in July from around 10 million bpd in May, the biggest reduction in years, its energy ministry said in a statement.<\/p>\n

The voluntary cut pledged by Saudi is on top of a broader deal by the Organization of the Petroleum Exporting Countries and their allies including Russia to limit supply into 2024 as the group seeks to boost flagging oil prices.<\/p>\n

The group, known as OPEC+, pumps around 40% of the world’s crude and has in place cuts of 3.66 million bpd, amounting to 3.6% of global demand.<\/p>\n

“The move by Saudi Arabia is likely to come as a surprise, considering the most recent change to quotas had only been in effect for a month,” ANZ analysts said in a note.<\/p>\n

“The oil market now looks like it will be even tighter in the second half of the year.”<\/p>\n

However, many of these reductions will not be real as the group lowered the targets for Russia, Nigeria and Angola to bring them into line with actual current production levels.<\/p>\n

By contrast, the United Arab Emirates was allowed to raise output targets by around 0.2 million bpd to 3.22 million bpd.<\/p>\n

“UAE has been allowed to expand output, at the expense of African nations, which had their unused quotas lowered under the new agreement,” ANZ said. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Florence Tan SINGAPORE (Reuters) – Oil prices jumped more than $2 a barrel in early Asian trade on Monday, hours after the world’s top exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July. futures was at $78.42 a barrel, up $2.29, or 3%, at 2219 GMT after […]<\/p>\n","protected":false},"author":1,"featured_media":11071,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-18139","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOil prices jump more than $2\/bbl after Saudi pledges to cut more output | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By Florence Tan SINGAPORE (Reuters) - Oil prices jumped more than $2 a barrel in early Asian trade on Monday, hours after the world's top exporter Saudi\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=18139\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices jump more than $2\/bbl after Saudi pledges to cut more output | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"By Florence Tan SINGAPORE (Reuters) - 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