Saudi Energy Minister said that state-owned Saudi Aramco will reduce production by an additional 1 million barrels per day starting from June. This will bring the Kingdom's production to around 7.5 million barrels per day. Moreover, Kingdom asked the company to cut production in May as well if it is possible. Oil prices jumped on the news with OIL.WTI moving from $25.20 to around $26.50.
OIL.WTI jumped on news that Saudi Aramco will cut more production than expected (orange circle). Source: xStation5
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