SINGAPORE : Oil prices jumped more than $1 a barrel on Monday after the world's top exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July, counteracting macroeconomic headwinds that have depressed markets.Brent crude futures were at $77.64 a barrel, up $1.51, or 2
SINGAPORE : Oil prices jumped more than $1 a barrel on Monday after the world's top exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July, counteracting macroeconomic headwinds that have depressed markets.
Both contracts extended gains after rising more than 2 per cent on Friday as the Saudi energy ministry said on Sunday its output would drop to 9 million barrels per day in July from around 10 million bpd in May, the kingdom's biggest reduction in years. "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.Consultancy Rystad Energy said the additional cut by Saudi is likely to deepen the market deficit to more than 3 million bpd in July, which could push prices higher in the coming weeks.
By contrast, the United Arab Emirates was allowed to raise output targets by around 200,000 bpd to 3.22 million bpd.
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