Saudi Arabia has directed national oil company Aramco to cut its crude oil production for June by an extra voluntary amount of 1 million barrels per day, on top of a reduction already committed by the kingdom under the OPEC+ cut deal, a Saudi energy ministry official said on Monday.
“This brings the total production cut that will be carried out by the Kingdom, to around 4.8 million barrels per day, from the April production level,” the official said.
“Therefore, the Kingdom’s production for June, after both its targeted and voluntary cuts, will be 7.492 million barrels per day,” he added.
Brent crude was up 19 cents, or almost 1%, at $31.16 a barrel by 1216 GMT, while U.S. West Texas Intermediate crude rose 38 cents, or 1.5%, to $25.12. Both contracts had fallen more than $1 earlier in the session.
