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Oil rose on the prospect of Saudi further cutting production outputsInternational benchmarks for crude oil rose on Monday, 5 June 2023 after Saudi Arabia announced the prospect of an additional 1 million barrels per day (bpd) production cut |
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International benchmarks for crude oil rose on Monday, 5 June 2023 after Saudi Arabia announced the prospect of an additional 1 million barrels per day (bpd) production cut to counter the macroeconomic struggles that have been hampering the market. The Saudi energy ministry decided to cut output to 9 million bpd in July from 10 million bpd in May as part of a larger deal by OPEC+ to limit supply into 2024 and avert falling oil prices.
Brent crude went up 58 cents at $76.71/barrel.
West Texas Intermediate climbed 41 cents amounting to $72.15/barrel.
