Crude oil price rises to over $77 a barrel after Saudi output cut

The voluntary cut is on top of a broader deal by Opec and allies, including Russia, to limit supply into 2024.

Consultancy Rystad Energy said the additional Saudi cut is likely to deepen the market deficit in July, which could push prices higher in the coming weeks. File Picture.

Global oil prices rose by more than 1% a barrel after top crude exporter Saudi Arabia pledged to cut production by a further 1m barrels per day from July to counter macroeconomic headwinds that have depressed markets.

Brent crude rose by $1.00 to $77.13 and is now more than 2% higher after the Saudi energy ministry said the kingdom's output would drop to 9m bpd in July from about 10m daily barrels in May. The cut is Saudi Arabia's biggest in years.