Crude oil prices saw a modest increase in trading on Monday, June 5, following Saudi Arabia’s announcement of an additional 1 million barrels per day production cut. This decision comes in response to the sluggish global economy.
WTI crude futures experienced a rise of 41 cents, settling at $72.15 per barrel, while Brent crude futures climbed 58 cents to settle at $76.71 per barrel.
On Sunday, June 4, the Saudi energy ministry revealed its plans to reduce oil production by 1 million barrels per day starting in July. This move will bring the country’s daily output down from the current 10 million barrels to 9 million barrels, marking Saudi Arabia’s most significant production cut in years.
The voluntary production cuts by Saudi Arabia come in addition to the original agreement of OPEC+ to limit oil supplies until 2024. The aim of these measures is to support a rise in global oil prices.
The news of Saudi Arabia’s decision had a moderate impact on crude oil prices, as traders closely monitor the ongoing developments in the oil market and their potential implications for supply and demand dynamics.
The Spot Market is Open
Tuesday, June 6, 2023
| Energy Updated at | USD Picr | Chnage | %Change |
| Crude Oil 11.00 | 71.89 | -0.26 | -0.36% |