Oil prices jumped to their highs of the day after Saudi Arabia said it will cut production further in an effort to support global oil markets.
Beginning on June 1 the Kingdom will cut output by an additional 1 million bpd, which combined with the cuts agreed to by OPEC and its oil-producing allies, brings Saudi Arabia’s total cut to roughly 4.8 million bpd below its April record production level. Production for June will now be 7.492 million bpd.