Global oil prices jump as Saudi pledges big oil cuts

7 June 2023
2023-06-07 16:42

Oil prices have jumped after Saudi Arabia announced it will cut production by another one million barrels per day.

This comes as the OPEC+ alliance of major oil-producing countries faces flagging oil prices and a looming supply glut. Saudi's Energy Minister says that million is also extendable. The decision came on Sunday after the alliance met at the OPEC headquarters in Vienna.

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