Riyadh has announced a voluntary supply cut of 1 million barrels per day, starting in July
Global crude oil prices have risen after Saudi officials announced plans to cut production by an extra 1 million barrels per day (bpd), starting from July. The move is expected to take the country’s output to its lowest level in several years.
The main benchmarks jumped more than 2% on Monday following the news. Brent crude futures were trading at $77.89 a barrel at 9:50am London time, up 2.3%. US West Texas Intermediate futures stood at $73.50, over 2.4% higher.