{"id":1944050,"date":"2023-06-04T19:34:02","date_gmt":"2023-06-04T23:34:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-prices-jump-more-than-2-bbl-after-saudi-pledges-to-cut-more-output\/"},"modified":"2023-06-04T19:35:47","modified_gmt":"2023-06-04T23:35:47","slug":"oil-prices-jump-more-than-2-bbl-after-saudi-pledges-to-cut-more-output","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-prices-jump-more-than-2-bbl-after-saudi-pledges-to-cut-more-output\/","title":{"rendered":"Saudi Arabia promises to reduce output, causing oil prices to surge by over $2 per barrel."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">32<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Foil-prices-jump-more-than-2-bbl-after-saudi-pledges-to-cut-more-output%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1944050&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Oil Prices Surge After Saudi Arabia Pledges to Cut Production<\/h2>\n<blockquote>\n<p>By Florence Tan<\/p>\n<p>SINGAPORE (Reuters) \u2013 Oil prices jumped more than $2 a barrel in early Asian trade on Monday, hours after the world\u2019s top exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July.<\/p>\n<\/blockquote>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">\n\t<script>\n\t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });\n\t<\/script>\n<\/div>\n<p>Brent crude futures rose 3% to $78.42 a barrel, up $2.29, after hitting a session-high of $78.73 a barrel. Meanwhile, U.S. West Texas Intermediate crude climbed 3.2% to $74.01 a barrel, up $2.27, after touching an intraday high of $75.06 a barrel.<\/p>\n<h3>Saudi Arabia&#8217;s Production Cut<\/h3>\n<p>Saudi Arabia\u2019s energy ministry announced that the country&#8217;s output would drop to 9 million barrels per day (bpd) in July from around 10 million bpd in May, marking the biggest reduction in years.<\/p>\n<p>The voluntary cut pledged by Saudi Arabia is on top of a broader deal by the Organization of the Petroleum Exporting Countries and their allies, including Russia, to limit supply into 2024 as the group seeks to boost flagging oil prices. The group, known as OPEC+, pumps around 40% of the world\u2019s crude and has in place cuts of 3.66 million bpd, amounting to 3.6% of global demand.<\/p>\n<p>\u201cThe move by Saudi Arabia is likely to come as a surprise, considering the most recent change to quotas had only been in effect for a month,\u201d ANZ analysts said in a note. \u201cThe oil market now looks like it will be even tighter in the second half of the year.\u201d<\/p>\n<p>However, many of these reductions will not be real as the group lowered the targets for Russia, Nigeria, and Angola to bring them into line with <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/saudi-pledges-big-oil-cuts-in-july-as-opec-extends-deal-into-2024\/\" title=\"Saudi Arabia promises significant oil reductions in July as OPEC+ extends agreement until 2024.\">actual current production levels<\/a>. By contrast, the United Arab Emirates was allowed to raise output targets by around 0.2 million bpd to 3.22 million bpd.<\/p>\n<p>\u201cUAE has been allowed to expand output, at the expense of African nations, which had their unused quotas lowered under the new agreement,\u201d ANZ said.<\/p>\n<div class=\"entry-content\">\n<p>Parents at an LA County Elementary School stage a protest for a pride themed assembly<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>LGBT Pride Month kicked off June 1st and Corporate America was poised to capitalize on it. Target is leading the charge and dominating headlines with their overt marketing.<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>Former Banking Regulator Louis Navallier warns Biden and the Democrats are unleashing a potentially damaging plan, seizing control of your bank accounts.<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>JP Morgan CEO Jamie Dimon and Tesla CEO Elon Musk both have recent meetings with China, as their relationship with the Communist nation raises concerns with Americans.<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>By Joe Brock SINGAPORE (Reuters) \u2013 Canadian Defence Minister Anita Anand said on Saturday that the country\u2019s critical infrastructure was increasingly being\u2026 <\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>By Kantaro Komiya and Sam Nussey TOKYO (Reuters) \u2013 Japan\u2019s privacy watchdog said on Friday it has warned OpenAI, the Microsoft-backed startup\u2026 <\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>By David Shepardson WASHINGTON (Reuters) \u2013 The Republican chairmen of two House of Representatives panels on Friday urged President Joe Biden\u2019s administration\u2026 <\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>(Reuters) \u2013 Alphabet Inc\u2019s YouTube said on Friday that the platform would stop removing content that might have spread false claims related\u2026 <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices surged over $2 per barrel in early Asian trade on Monday following Saudi Arabia&#8217;s announcement to reduce production by 1 million barrels per day from July. Brent crude futures rose by 3% to $78.42 a barrel.<\/p>\n","protected":false},"author":66,"featured_media":1944051,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[5364,6141,5623,7393,11565,4590,12302,7104,6259,4395],"class_list":["post-1944050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann","tag-arabia","tag-barrel","tag-causing","tag-oil","tag-output","tag-prices","tag-promises","tag-reduce","tag-saudi","tag-surge"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1944050","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1944050"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1944050\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1944051"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1944050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1944050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1944050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}