Saudi Minister of Energy Prince Abdulaziz bin Salman at the Vienna meeting. After spiking above $130 a barrel in March 2022, Brent crude oil prices have nearly been cut in half. US gas prices have plunged from a year ago, in large part because oil prices are down.

“We are focused on prices for American consumers, not barrels, and prices have come down significantly since last year.” “We are not a party to OPEC+, which makes its own decisions,” a White House official told CNN in a statement. The White House responded to Saudi Arabia’s decision to slash oil production by saying US officials are focused on prices for American consumers. The Saudi Ministry of Energy “explained that the Kingdom’s additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets,” the state-owned Saudi Press Agency said Sunday. Other members of OPEC+ would also continue to curb output until the end of 2024, Reuters reported. Reuters, citing Russian Deputy Prime Minister Alexander Novak, reported that Moscow would extend its own production cut of 500,000 barrels per day through to the end of next year. Russia's oil exports are back to pre-war levelsĪt the Vienna meeting, Riyadh also agreed to extend a production cut of 500,000 barrels per day - announced in April - through 2024. Homayoun Falakshahi, a senior oil analyst at data provider Kpler, said the supply curbs meant gas prices in Europe and the United States “could slightly rise, further impacting drivers” during the upcoming summer holiday season.įlue gas and steam rise out of chimneys and smokestacks of an oil refinery during sunset on a frosty day in the Siberian city of Omsk, Russia, February 8, 2023. It came after a meeting Sunday in Vienna of the alliance known as OPEC+, which includes members of the Organization of the Petroleum Exporting Countries (OPEC), Russia and other smaller producers. The Saudi production cut was its biggest in years and will depress its output to nine million barrels per day.

Gasoline futures were up 1.5%, but the average US pump price for a gallon of regular unleaded gas was unchanged at $3.55. ET, Brent crude, the global benchmark, was trading up 2.3% at nearly $78 a barrel, while WTI, the US benchmark, rose 2.4% to $73.50. Oil prices rose Monday after Saudi Arabia said it would slash output by another one million barrels per day for at least a month starting in July as part of an effort by OPEC+ producers to shore up crude prices.Īt 5.30 a.m.

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