The Saudi government’s decision to cut production further is an effort to help shore up the flagging price of crude oil, which has struggled to breach $80 per barrel in the past month.
Topline
Global crude oil prices rose sharply on Monday after Saudi Arabia announced plans to unilaterally cut its oil production by 1 million barrels per day while other oil-producing nations under OPEC+ said they will extend cuts until 2024, in an effort to shore up tumbling crude prices.Key Facts
The global benchmark Brent Crude Futures index rose past $78 per barrel early Monday morning—up nearly 2.5% since Friday.
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