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Oil Prices Jump After Top Oil Exporter Saudi Arabia Announces Production Cuts
Oil prices jumped on Monday after Saudi Arabia, the world's top oil exporter, announced that it will implement a voluntary cut in its production of crude oil by one million barrels per day, according to the Ministry of Energy. The reduction will start in July for a month and can be extended.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) did not make any changes to its planned oil production cuts for this year. OPEC+ announced that it will limit...