Saudi Arabia oil output cut to delay price revision in India
Saudi Arabia‘s announcement to reduce how much oil it sends to the global economy may arrest the fall in international oil prices, delaying revision in fuel prices in India, industry sources said. Saudi Arabia on Sunday announced cuts of 1 million barrels per day in oil output starting July, while the rest of the OPEC+ producers agreed to extend earlier cuts in supply through the end of 2024.
The decision led to oil prices rising by more than USD 1 a barrel on Monday. Brent crude futures were at USD 77.64 a barrel, up USD 1.51, or 2 per cent, in early morning trade after hitting a session-high of USD 78.73 a barrel. US West Texas Intermediate crude climbed USD 1.41, or 2 per cent, to USD 73.15 a barrel, after touching an intraday high of USD 75.06 a barrel.
