Page 25 - Pec News Today

Saudi Arabia’s decision to cut oil production by 1 million barrels per day has failed to cause a sustained rally in oil prices, although the IEA has warned higher prices are coming.

Oil prices fell $0.51 and $0.54 on the barrel of Brent and West Texas Intermediate (WTI) crudes, respectively, on Tuesday

Saudi Arabia, the groups biggest producer, will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group faces flagging oil prices

The Organisation of the Petroleum Exporting Countries (OPEC) decision to cut oil production starting next year will have a negative impact on families in the United States, House Majority Leader Steve Scalise said on Tuesday.

Slump in oil prices has helped US drivers fill their tanks more cheaply and given consumers worldwide some relief from inflation

Brent crude futures was at $78.42 a barrel, up $2.29, or 3%, at 2219 GMT after earlier hitting a session-high of $78.73 a barrel

In a dramatic decision, Saudi Arabia announced Sunday that it will take a unilateral step to slash its oil output by 1 billion barrels per day in order to boost global oil prices.

Oil prices rose slightly on Monday morning as Saudi Arabia announced another 1 million barrels per day production cut, the only OPEC+ member to cut production.

Oil prices rose around $1 on the barrel early Monday after Saudi Arabia announced an additional production cut in July, by one million barrels per day.

Oil prices rose after Saudi Arabia announced it would cut its output to 9 million barrels per day in July, from around 10 million bpd in May, the biggest reduction in years, while a broader OPEC+ deal to limit supply into 2024 also underpinned futures