Oil Prices Surge on Saudi Energy Minister’s Voluntary Cuts Announcement

Investing.com – It rose sharply in early trading on Monday, following the OPEC+ meeting on Sunday.

Brent oil prices increased by 3% to reach the level of 78.42 per barrel, while West Texas Intermediate crude oil recorded $73.95 per barrel, an increase of 2.92%.

The most important statements of the Saudi Minister of Energy, Abdulaziz bin Salman:

• Voluntary cuts of one million barrels per day will be applied starting next July
• Voluntary cuts can be extended
• Saudi Arabia continues with voluntary cuts until 2024
• The kingdom will produce 9 million barrels per day in July
• Russia is committed to the reductions commitments
• We will keep the markets waiting to see if the cuts are extended or not
• We do not target oil prices
• Oil price cuts are proactive measures
• We will review the need to make decisions with further reductions each month