Friday , July 1 2022

Saudi Arabia has moved the market, a jump in oil prices


Oil - Photo: AP

oilPhoto: AP

Saudi Arabia has announced that it will reduce crude oil production by half a million barrels per day from next month.

This is seen as a sign that OPEK could announce a coordinated decline in production at the next meeting in December, to defend prices.

Brent crude oil jumped almost two percent to $ 71.55 a barrel this morning, while American light oil in New York jumped 1.3 percent to just over $ 61.

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