{"id":18399,"date":"2023-06-05T12:03:17","date_gmt":"2023-06-05T16:03:17","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/crude-oil-soars-saudi-production-cut-boosts-sentiment\/"},"modified":"2023-06-05T12:03:18","modified_gmt":"2023-06-05T16:03:18","slug":"crude-oil-soars-saudi-production-cut-boosts-sentiment","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=18399","title":{"rendered":"Crude oil soars; Saudi production cut boosts sentiment"},"content":{"rendered":"
\n

Investing.com — Oil prices soared Monday after Saudi Arabia, the world\u2019s largest exporter, pledged over the weekend to cut production by a further million barrels per day from July in an attempt to support a market hit by macroeconomic headwinds.<\/p>\n

By 09:05 ET (13:05 GMT), futures traded 2.5% higher at $73.53 a barrel, while the contract rose 2.3% to $77.88 a barrel.<\/p>\n

Saudi Arabia, the de facto leader of the group of top producers known as OPEC+, announced on Sunday that the kingdom’s output would drop to 9 million barrels a day in July from around 10 million barrels a day in May, the country\u2019s biggest cut in years.<\/p>\n

This voluntary cut comes on top of the ongoing deal by the Organization of the Petroleum Exporting Countries and allies, including Russia, to limit supply into 2024.<\/p>\n

\u201cThe extension of supply cuts through until the end of 2024 should not change the outlook drastically,\u201d said analysts at ING, in a note. \u201dHowever, the supportive factor in the immediate term is the further voluntary cut from Saudi Arabia. This should provide some limited immediate upside for the market, and it should also reinforce Saudi Arabia\u2019s commitment to try to put a floor under the market.\u201d<\/p>\n

OPEC+ pumps around 40% of the world’s crude, and its decisions are important for providing stability in global energy markets, Kremlin spokesman Dmitry Peskov said on Monday.<\/p>\n

The Saudi cut may support prices in the short term by restricting supply, but the broad demand dynamics are unlikely to get much better through much of this year.<\/p>\n

The meets next week and could hike interest rates once more as remains elevated, further depressing economic activity in the largest crude consumer in the world.<\/p>\n

This hawkish stance has boosted the , which hit a new two-month high earlier Monday, making oil more expensive for holders of other currencies.\u00a0<\/p>\n

Additionally, China’s expected economic recovery after the lifting of its severe COVID restrictions has been a lot slower than expected, meaning the jump in demand from the world’s largest importer has disappointed.<\/p>\n

\u201cThe macro outlook continues to be a more important driver for prices than fundamentals at the moment.,\u201d ING added.<\/p>\n<\/div>\n

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

Investing.com — Oil prices soared Monday after Saudi Arabia, the world\u2019s largest exporter, pledged over the weekend to cut production by a further million barrels per day from July in an attempt to support a market hit by macroeconomic headwinds. By 09:05 ET (13:05 GMT), futures traded 2.5% higher at $73.53 a barrel, while the […]<\/p>\n","protected":false},"author":1,"featured_media":18400,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-18399","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nCrude oil soars; Saudi production cut boosts sentiment | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Oil prices soared Monday after Saudi Arabia, the world\u2019s largest exporter, pledged over the weekend to cut production by a further\" \/>\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=18399\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crude oil soars; Saudi production cut boosts sentiment | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Investing.com -- Oil prices soared Monday after Saudi Arabia, the world\u2019s largest exporter, pledged over the weekend to cut production by a further\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=18399\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-05T16:03:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-05T16:03:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/moved_LYNXMPEI260KT_L.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=18399#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=18399\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Crude oil soars; Saudi production cut boosts sentiment\",\"datePublished\":\"2023-06-05T16:03:17+00:00\",\"dateModified\":\"2023-06-05T16:03:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=18399\"},\"wordCount\":369,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Commodities\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=18399#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=18399\",\"url\":\"https:\/\/ifintechworld.com\/?p=18399\",\"name\":\"Crude oil soars; Saudi production cut boosts sentiment | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-06-05T16:03:17+00:00\",\"dateModified\":\"2023-06-05T16:03:18+00:00\",\"description\":\"Investing.com -- Oil prices soared Monday after Saudi Arabia, the world\u2019s largest exporter, pledged over the weekend to cut production by a further\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=18399#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=18399\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=18399#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crude oil soars; Saudi production cut boosts sentiment\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Crude oil soars; Saudi production cut boosts sentiment | iFintechWorld","description":"Investing.com -- Oil prices soared Monday after Saudi Arabia, the world\u2019s largest exporter, pledged over the weekend to cut production by a further","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=18399","og_locale":"en_US","og_type":"article","og_title":"Crude oil soars; Saudi production cut boosts sentiment | iFintechWorld","og_description":"Investing.com -- Oil prices soared Monday after Saudi Arabia, the world\u2019s largest exporter, pledged over the weekend to cut production by a further","og_url":"https:\/\/ifintechworld.com\/?p=18399","og_site_name":"iFintechWorld","article_published_time":"2023-06-05T16:03:17+00:00","article_modified_time":"2023-06-05T16:03:18+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/moved_LYNXMPEI260KT_L.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=18399#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=18399"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Crude oil soars; Saudi production cut boosts sentiment","datePublished":"2023-06-05T16:03:17+00:00","dateModified":"2023-06-05T16:03:18+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=18399"},"wordCount":369,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Commodities"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=18399#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=18399","url":"https:\/\/ifintechworld.com\/?p=18399","name":"Crude oil soars; Saudi production cut boosts sentiment | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-06-05T16:03:17+00:00","dateModified":"2023-06-05T16:03:18+00:00","description":"Investing.com -- Oil prices soared Monday after Saudi Arabia, the world\u2019s largest exporter, pledged over the weekend to cut production by a further","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=18399#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=18399"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=18399#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Crude oil soars; Saudi production cut boosts sentiment"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/18399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18399"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/18399\/revisions"}],"predecessor-version":[{"id":18401,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/18399\/revisions\/18401"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/18400"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}