Oil prices rise as Saudi Arabia pledges output cuts

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Oil prices have risen after Saudi Arabia said it would make cuts of a million barrels per day (bpd) in July.

Other members of Opec+, a group of oil-producing countries, also agreed to continued cuts in production in an attempt to shore up flagging prices.

Opec+ accounts for around 40% of the world's crude oil and its decisions can have a major impact on oil prices.

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 seven hour-long meeting on Sunday of the oil-rich nations came against a backdrop of falling energy prices.

 

Oil prices soared when Russia invaded Ukraine last year, but are now back at levels seen before the conflict began.

[Tug]

Greedy as#*&@# well now maybe the USA producers will start to produce more or more likely just rake in higher profits without doing anything continuing to fleece the consumer