Oil price shows ‘knee-jerk rally’ after Saudi Arabia shocks market with output cut

1 million barrels per day to be slashed in July alongside reduced Opec+ quotas throughout 2024

Key player: Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman Al-Saud, arrives for the 35th Opec meeting in Vienna, Austria, on Sunday.
Key player: Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman Al-Saud, arrives for the 35th Opec meeting in Vienna, Austria, on Sunday.Photo: REUTERS/SCANPIX
Published 5 June 2023, 03:47Updated 6 June 2023, 07:24