News: Prices set to rise after Saudi Arabia cuts oil production

5th June 2023

Image for news article #.

It is very possible that oil prices will rise as a consequence of Saudi Arabia cutting oil production by a substantial 1 million barrels per day.

“Oil prices have risen after Saudi Arabia said it would make cuts of a million barrels per day (bpd) in July.
Other members of Opec+, a group of oil-producing countries, also agreed to continued cuts in production in an attempt to shore up flagging prices.
Opec+ accounts for around 40% of the world's crude oil and its decisions can have a major impact on oil prices.
In Asia trade on Monday, Brent crude oil rose by as much as 2.4% before settling at around $77 a barrel.
Opec+ said production targets would drop by a further 1.4 million bpd from 2024”. (Source BBC - https://www.bbc.co.uk/news/business-65804768 )

If you are looking to fill or top up your tank then getting ahead of any major price changes is probably a good idea.