Brent hits five-week high as Saudi production declines
3 months ago

International Benchmark Brent rallied over 3% in European trade for the third straight session, hitting five-week highs after Saudi Arabia vowed a production cut of a million bpd for a month in July.


The OPEC+ alliance decided to extend current production cuts for an additional year to achieve stability and support weakening prices. 


Brent rose 3.25% today to $76.68 a barrel, the highest since May 2, after surging 2.7% on Friday, the second profit in a row. 


Saudi Production Cuts


Saudi Arabia, OPEC's largest oil producer, announced a voluntary production cut of a million bpd starting July for a single extendable month. 


Saudi Arabia's oil minister described the cut as a "gift" to stabilized the market, noting that recent OPEC+ decisions don't target a specific price range.



OPEC+ Decisions


The OPEC+ alliance in accordance with Russia decided to extend production cut for another year starting January 2024. 


The oil cartel is currently executing a cut of 3.65 million bpd starting last May to the end of the year.


Russian deputy prime minister Alexander Novak said that extending production cuts for a year would serve to stabilize the market. 




The Australian Commonwealth bank says that Saudi Arabia might extend its production cuts into July if Brent futures remained between $70 and $75 a barrel. 

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