{"id":18159,"date":"2023-06-04T21:14:45","date_gmt":"2023-06-05T01:14:45","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/oil-prices-jump-more-than-2-after-saudi-arabia-sets-july-production-cut\/"},"modified":"2023-06-04T21:14:47","modified_gmt":"2023-06-05T01:14:47","slug":"oil-prices-jump-more-than-2-after-saudi-arabia-sets-july-production-cut","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=18159","title":{"rendered":"Oil prices jump more than 2% after Saudi Arabia sets July production cut"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002137198\" role=\"document\">\n<p>Oil futures opened sharply higher Sunday evening, after Saudi Arabia agreed to deliver an additional 1 million\u2013barrel daily production cut next month as the Organization of the Petroleum Exporting Countries and its allies moved to extend existing production targets.<\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for July delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+0.82%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+0.82%<\/bg-quote><br \/>\n        CLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725418\/delayed\" class=\"positive\">+0.82%<\/bg-quote><br \/>\n       remained up $1.49, or 2.1%, at $73.23 a barrel on the New York Mercantile Exchange, after trading as high as $75.06.<\/p>\n<\/li>\n<li>\n      August Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+0.77%<\/bg-quote><\/p>\n<p>        BRNQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705493\/delayed\" class=\"positive\">+0.77%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, gained $1.59, or 2.1%, to trade at $77.72 a barrel on ICE Futures Europe, after touching $78.73 after the open. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Saudi Arabia on Sunday said it would cut oil output by 1 million barrels a day in July, and that the reduction could be extended if needed. The announcement came as OPEC+ agreed to extend current production levels through the end of 2024 at a contentious meeting in Vienna.<\/p>\n<div class=\"paywall\">\n<p><strong>See:<\/strong> Saudis to cut oil production by 1 million barrels a day in July as OPEC+ extends output deal<\/p>\n<p>OPEC+ agreed last October to cut production by 2 million barrels a day. Some OPEC+ members in early April announced further cuts totaling 1.6 million barrels a day through year-end, including 500,000 barrels a day in reductions by Saudi Arabia.<\/p>\n<p>Saudi Energy Minister Abdulaziz bin Salman last month warned that short sellers should \u201cwatch out\u201d and that they would be \u201couching\u201d much as they did in early April, when the surprise cuts caused a sharp, but short-lived, spike in crude prices.<\/p>\n<p>The outcome of the meeting reinforces Saudi Arabia\u2019s \u201cuneasiness with the level of short positions in the market rather than signaling concerns around demand outlook,\u201d said Giacomo Romeo, energy equity analyst at Jefferies, in a Sunday evening note to clients.<\/p>\n<p>\u201cThe open-ended part of the measure was likely put in place to discourage future short positioning,\u201d he wrote.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-jump-more-than-2-after-saudi-arabia-sets-july-production-cut-afada578?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures opened sharply higher Sunday evening, after Saudi Arabia agreed to deliver an additional 1 million\u2013barrel daily production cut next month as the Organization of the Petroleum Exporting Countries and its allies moved to extend existing production targets. Price action West Texas Intermediate crude for July delivery CL00, +0.82% CL.1, +0.82% CLN23, +0.82% remained [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18160,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-18159","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil prices jump more than 2% after Saudi Arabia sets July production cut | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures opened sharply higher Sunday evening, after Saudi Arabia agreed to deliver an additional 1 million\u2013barrel daily production cut next month as\" \/>\n<meta name=\"robots\" content=\"index, follow, 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