Crude oil futures opened the trading week higher after Saudi Arabia said it was cutting output on top of OPEC+ cuts.
The most active Brent crude oil contracts surged and recently rose more than 2.2% to $77.84 a barrel. The equivalent contract for the US benchmark, West Texas Intermediate, rose 2.4% to $73.44.
Saudi Arabia’s energy minister said on Sunday the country would cut crude production by a million barrels a day in July, on top of the 23-nation coalition’s agreement to extend their production cuts to the end of 2024. The kingdom was the only member to announce additional cuts, which would bring its production down to 9 million barrels a day next month, the lowest since June 2021.