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In a surprising move, Saudi Arabia pledged to reduce its oil output by 1 million barrels per day for July at the June 4 OPEC meeting. This adjustment, which may continue monthly, places Saudi oil production at its lowest point in a decade, excluding the pandemic-induced slump.

OPEC Meeting: Is Saudi Arabia Trying to Squeeze the Oil Market?

Riyadh knows that it cannot rely solely on a fluctuating oil market for income. Along with its efforts to raise oil prices, it is also trying to bring in investment from abroad.

Saudi Arabia needs more than higher oil prices to fund its grand plans

Saudi Arabia will make a deep cut to its output in July in addition to a broader OPEC+ deal to limit supply to the end of 2024 as the group faces flagging oil prices.

Explainer: How OPEC+ deal cuts oil supply until end of 2024

Crude oil markets gapped higher to kick off the week after OPEC extends production cuts, and doubles down on trying to push prices higher.

Crude Oil Price Forecast – Crude Oil Markets Gap Higher

The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+ which pumps around 40% of the world's crude, agreed on a new oil output deal on Sunday.

Explainer: Why is OPEC+ cutting oil output?

Price gained more than 2% on Monday morning to touch one-month high of $78.73

Brent crude price rises after Saudi Arabia agrees to cut oil output

The Saudi government's decision to cut production further is an effort to help shore up the flagging price of crude oil, which has struggled to breach $80 per barrel in the past month.

Crude Oil Prices Rise 2.5% After Saudi Arabia Says It's Cutting 1 Million Barrels A Day

Cartel members meeting in Vienna clashed over slowing global energy demand. Brent crude and West Texas Intermediate were both rising.

Oil Jumps After Saudi Pledges Production Cut at Tense OPEC+ Summit

Saudi Arabia's additional production cut of 1 million barrels per day aims to counteract macroeconomic challenges in the crude oil market.

Oil Price Forecast: Tighter Supply Expected as Saudi Arabia Slashes Output

Oil futures opened sharply higher Sunday evening, after Saudi Arabia agreed to deliver an additional 1 million barrel-a-day production cut next month as the Organization of the Petroleum Exporting Countries and its allies moved to extend existing production targets.

Oil prices jump more than 2% after Saudi Arabia sets July production cut

Oil prices jumped following OPEC kingpin Saudi Arabia's decision to cut production by another million barrels per day.

Oil prices pop 2.5% after Saudi Arabia pledges more voluntary production cuts

Oil prices jumped more than $2 a barrel in early Asian trade on Monday, hours after the world's top exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July.

Oil prices jump more than $2/bbl after Saudi pledges to cut more output

Riyadh will cut 1 million barrels per day of production from the world's oil supply stream in July, following the conclusion of the latest OPEC+ meeting.

OPEC+ Delivers A “Saudi Lollipop” For Oil Traders

Saudi Arabia said it would slash oil output by another one million barrels per day for at least a month starting in July as part of an effort by the OPEC+ group of leading producers to shore up crude prices.

Saudi Arabia to slash oil production again as OPEC+ extends supply curbs

Saudi Arabia will voluntarily cut production by 1 million barrels a day in July, alongside an agreement by the Organization of the Petroleum Exporting Countries and its allies to stick to production targets on Sunday.

Saudis to cut oil production by 1 million barrels a day in July as OPEC+ extends output deal

OPEC+ ministers met on Sunday to agree further oil production policy steps amid depressed oil prices.

OPEC+ sticks to 2023 oil production targets as Saudi Arabia announces further voluntary cuts

OPEC and its allies will meet on Sunday to debate a new deal possibly adjusting countries' output quotas and a further cut in production, sources told Reuters, as the group faces flagging oil prices and a looming supply glut.

OPEC+ meets to debate production quotas, new cut - sources

OPEC and its allies begin two days of meetings on Saturday which may culminate in further production cuts of as much as 1 million barrels per day, OPEC+ sources told Reuters, as the organisation faces flagging oil prices and a looming supply glut.

OPEC+ begins meetings which may agree further output cuts - sources

Oil futures settled higher on Friday, but U.S. and global crude benchmarks still posted losses for the week. Oil prices initially fell this week before the passage of the U.S. debt ceiling bill, and a strong U.S. May employment report saw prices recoup some of those losses later in the week, the commodities team at Capital Economics wrote in note Friday.

Oil futures gain more than 2% for the session, pare their loss for the week

U.S. debt deal served as an additional positive catalyst for oil markets.

Natural Gas, WTI Oil, Brent Oil – Oil Gains Ground Ahead Of OPEC+ Meeting

Crude oil markets have shot higher during the trading session on Friday, as we have had a huge bounce from the lows.

Crude Oil Price Forecast – Crude Oil Markets Have Explosive Friday

Oil futures rose Friday, but remained on track for weekly losses, as traders looked ahead to a weekend meeting of the Organization of the Petroleum Exporting Countries and its allies.

Oil prices boosted ahead of OPEC+ meeting

OPEC and its allies are unlikely to decide on further oil supply cuts at a meeting on Sunday despite a fall in oil prices toward $70 per barrel this week, two sources from the alliance said on Friday although another said the outcome was still unclear.

OPEC+ unlikely to agree bigger oil cuts on Sunday, sources say

OPEC seems likely to cut production to support the price, but not enough to create significant market tightness.

Another OPEC+ Cut Seems Likely—But Not Very Consequential

The Opec+ group meets in Vienna on Sunday amid speculation that a further cut in oil production could be on the cards to prop up the faltering oil price. The combined grouping of the Organisation of the Petroleum Exporting Countries plus ten other major oil producers, caught traders on the hop back in April with a production cut of around 1.2mln barrels a day that prompted a spike in the price of crude.

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