Crude oil futures opened the trading week higher after Saudi Arabia said that it was cutting production on top of OPEC+ reductions.
Most-actively Brent crude oil contracts jumped, and recently stood more than 2.2% higher at $77.84 a barrel. The equivalent contract for the U.S. benchmark, West Texas Intermediate, rose 2.4% to $73.44.
Saudi Arabia’s energy minister said Sunday that the country will slash crude output by 1 million barrels per day in July, on top of the 23-nation coalition’s agreement to extend their production cuts till the end of 2024. The kingdom was the only member to announce additional cuts, which would bring its production down to 9 million barrels per day next month, the lowest since June 2021.