EMEA News
Crude Jumps as Saudi Arabia Extends Voluntary Output Cuts by Three Months
Saudi Arabia's government has chosen to extend its voluntary crude output cuts to the end of this year with a view to stabilising global oil markets.
Saudi Arabia's crude production will be held at about 9 million b/d in October, November and December, going beyond the cuts required of the country under OPEC deals, the Saudi Press Agency reported on Tuesday.
The decision will be reviewed monthly to consider increasing production or cutting further.
"This additional voluntary comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets," the agency cited a Saudi Ministry of Energy source as saying.
ICE Brent crude futures jumped after the news was announced, with the November contract trading at $90.11/bl as of 2:14 PM in London, up by $1.11/bl on the day.
