Oil prices up after Saudi Arabia announces more production cuts

Oil prices are up after Saudi Arabia, a key member of the Organization of the Petroleum Exporting Countries, announced more production cuts, which include reducing production by an additional 1 million barrels a day for at least a month and extending current cuts.

Saudi Arabia, the world's top oil exporter, already reduced production in April by 500,000 barrels a day. Riyadh extended that cut on Sunday through December 2024. 

"The Kingdom will implement an additional voluntary reduction in its production of crude oil, amounting to one million barrels per day, starting in July for a month that can be extended, so that the Kingdom’s production becomes 9 million barrels per day, and the total voluntary reduction of the Kingdom is 1.5 million barrels per day," Saudi Arabia's Energy Ministry said Sunday, as translated.

Brent crude, a global oil price benchmark, rose 1.61% on Monday, per Google Finance. 

The OPEC+ oil alliance already cut production by more than a million barrels daily in April. That reduction came in addition to the cut of 2 million barrels a day that OPEC+ announced in October.

Madeleine Hubbard is an international correspondent for Just the News. Follow her on Twitter or Instagram.