Global oil prices rose by more than $1 a barrel. The jump came after a weekend pledge by Saudi Arabia to cut output by 1 million barrels per day. The move was announced at a gathering of the OPEC group of oil producing nations in Vienna
OPEC+ meeting, Saudi cuts could boost prices -analysts
OPEC+ pumps about 40% of the world's crude and has cut its output target by a total of 3.66 million bpd, amounting to 3.6% of global demand.General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo Consultancy Rystad Energy said the additional Saudi cut is likely to deepen the market deficit to more than 3 million bpd in July, which could push prices higher in coming weeks.
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