Oil futures trade with strong gains Sunday evening, after Saudi Arabia announces it will cut production by another 1 million barrels a day in July.
Oil futures opened sharply higher Sunday evening, after Saudi Arabia agreed to deliver an additional 1 million barrel-a-day production cut next month as the Organization of the Petroleum Exporting Countries and its allies moved to extend existing production targets.
Price action Market drivers 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.OPEC+ agreed last October to cut production by 2 million barrels a day. Some OPEC+ members in early April announced further cuts totaling 1.
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Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging pricesSaudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two earlier production cuts by members of the OPEC+ alliance of major oil-producing countries failed to push prices higher. The announcement of the Saudi cuts of 1 million barrels per day came Sunday after a meeting of the alliance at OPEC headquarters in Vienna. The rest of the OPEC+ oil producers agreed to extend earlier cuts in supply through the end of 2024. That the Saudis felt another cut was necessary underlines the uncertain outlook for demand for fuel in the months ahead.
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OPEC+ sticks to 2023 oil production targets as Saudi Arabia announces further voluntary cutsOPEC+ ministers met on Sunday to agree further oil production policy steps amid depressed oil prices.
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Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging pricesThe slump in oil prices has helped American drivers fill their tanks more cheaply.
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Saudi Arabia to cut oil output by 1 million barrels per day to boost slumping pricesSaudi Arabia says it will reduce how much oil it sends to the global economy. It’s taking a unilateral step to support the sagging cost of crude after two earlier cuts in supply by major oil-…
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