Oil prices rise as Saudi cuts production by 1 million barrels

Agency Report

Oil prices have risen as Saudi Arabia indicated the country would cut production of million barrels per day (bpd) in July.
Other members of Opec+, a group of oil-producing countries, subscribed to continued cuts in production in order to raise falling prices in the international market.
Opec+ accounts for around 40% of the world’s crude oil.
In Asia trade on Monday, Brent crude oil rose by as much as 2.4% before settling at around $77 a barrel.
Opec+ said production targets would drop by a further 1.4 million bpd from 2024.
The oil-rich countries held seven hours meeting on Sunday to address the issue of falling energy prices in the international market.
Oil prices rose after Russia invaded Ukraine in 2022, but dropped back at levels before the conflict began.
Saudi Energy Minister, Prince Abdulaziz bin Salman, had said on Sunday that his country’s cut of one million bpd could be extended beyond July if needed to stabilise the energy market. “This is a Saudi lollipop,” he noted.