Oil prices climb as Saudi Arabia commits to deeper production cuts
FILE PHOTO: Western Canadian canola fields surrounding an oil pump jack are seen in full bloom before they will be harvested later this summer in rural Alberta, Canada July 23, 2019. REUTERS/Todd Korol
Saudi Arabia said on Monday it would cut output by a further 1 million barrels per day in June, slashing total production to 7.5 million bpd, or down nearly 40% from April. But both benchmark crudes still fell on Monday, despite those announcements, amid fears output cuts are still not enough to balance a market where demand has been hammered by the coronavirus and where consumption could be hit again by a second wave of infections.
Kazakhstan has ordered producers in large and mid-sized oil fields to cut output by about 22% in May to June, in line with the OPEC+ deal.
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