Oil prices rose this month after Saudi Arabia said it would make cuts of a million barrels per day (bpd) in July.
Other members of Opec+, a group of oil-producing countries, also agreed to continued cuts in production in an attempt to shore up flagging prices.
The price of Brent Crude jumped to nearly $78 a barrel. Fears of demand decline, due to recessionary pressures prompted by China’s slower economic recovery post-Covid, have hastened the oil cartel in their price-propping measures.
The price of a barrel of Brent Crude settled a bit thereafter, to nearer $72, as we went to press.
