Oil prices jump as Saudi Arabia extends output cuts

Oil prices jump as Saudi Arabia extends output cuts

RIYADH — Saudi Arabia's Minister of Energy Prince Abdulaziz said on Thursday the Kingdom was extending its voluntary 1 million barrel per day (bpd) oil production cut as he urged caution and vigilance at the start of a meeting of ministers of the OPEC+ alliance of oil producers on Thursday.The Kingdom in coming months will decide when to gradually phase out the reduction, Prince Abdulaziz added.We are not in a hurry to bring after the meeting, adding the decision for the voluntary cut would be taken “at our time, at our convenience.”Consequent to the meeting, which decided to keep the production unchanged, oil prices surged to the highest in more than a year, signaling the potential of an even tighter market next month.Brent crude, the global benchmark, jumped over 5 percent to around $65 per barrel while the prince was addressing the meeting, convened virtually to consider the future of global oil supply cuts and next crucial steps for global crude markets.The meeting was convened with an anticipated rise in