This will bring the total production cut to 4.8 mil bpd from April levels
The Saudi energy ministry says that with this move, it is aiming to encourage other OPEC+ participants and other global producers to comply with the agreed output cuts. Adding that the additional 1 mil bpd of voluntary cuts is to support stability of the oil market.
This will bring the kingdom’s total production volume for June to 7.492 mil bpd.
The news is helping to give oil prices a substantial lift ahead of North American trading, with WTI crude jumping from $24.05 to $24.80 currently.
Update: WTI crude now up 2% to $25.30.