Saudi Arabia Raises All July Crude Prices After Surprise Output Cut
- July prices raised to Asia, US and Europe after 1mln b/d cut
- Arab Light crude for buyers in Asia to sell at $3/bbl premium
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Saudi Arabia will raise oil prices in July after a surprise plan to unilaterally slash output takes more barrels from the largest crude exporter out of circulation in an effort to bolster the market.
The leader of the Organization of Petroleum Exporting Countries announced after a weekend meeting of the producers’ group that it will slash output by 1 million barrels a day next month, on top of production cuts already in place. Members of OPEC+, a broader group that also includes partners like Russia, agreed Sunday to keep previous reductions in place through next year.