China’s crude oil futures jump on Saudi Arabia’s production cut
COMMODITIES
China’s crude oil futures jump on Saudi Arabia’s production cut
COMMODITIES

China’s crude oil futures jump on Saudi Arabia’s production cut

 

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China’s most-traded crude oil futures contract on the Shanghai International Energy Exchange, for July delivery, is surging more than 3% to hit a high of 530 yuan per barrel.

Oil prices jumped following OPEC kingpin Saudi Arabia’s decision to cut production by another million barrels per day.

On Sunday, the Organization of the Petroleum Exporting Countries and its partners (OPEC+) made no changes to its planned oil production cuts for the rest of the year.

However, the world’s top oil exporter Saudi Arabia announced further voluntary output cuts which will be implemented from July. The kingdom’s output will decline to 9 million barrels per day from around 10 million barrels in May, Saudi’s energy ministry said in a statement.