(Bloomberg) — Saudi Arabia announced an extra voluntary oil-production cut of 1 million barrels a day, bringing output to its lowest in 18 years as the kingdom tries to prop up a nascent recovery in energy markets.Oil prices, which were down on the day, immediately turned around, with West Texas Intermediate futures jumping as much as 3.4%.Riyadh aims to pump just under 7.5 million barrels a day in June, compared with an official target under the most recent OPEC+ agreement of just under 8.5 million a day. If Saudi Arabia makes good on its pledge, its production will drop to …read more
Source:: Yahoo Finance
