Saudi Arabia May Increase Oil Production Cuts if Brent Falls Below $70
Summary by NewsWall Jun 04 23
- Oil prices rose by 2% on Monday after Saudi Arabia announced a production cut of 1 million barrels per day.
- An energy analyst suggests that Saudi Arabia may extend its production cuts beyond 1 million barrels per day if Brent futures fall below $70/barrel.
- Kang Wu of S&P Global Commodity Insights said that the move by OPEC+ was expected and that Saudi Arabia aims to stabilize the market.
- Brent futures rose by 2.4% to $78 per barrel, while US West Texas Intermediate futures rose by 2.5% to $73.53 per barrel.
Story Details
| Last Updated | Jun 05 23 |
| Total Articles | 73 |
Main Topics
Organization of the Petroleum Exporting Countries (OPEC)
#organization-of-the-petroleum-exporting-countries-opec
international organization of petroleum-exporting countries
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