ISLAMABAD: Crude oil prices jumped on Thursday after Saudi Arabia announced to extend its unilateral voluntary cut of one million barrels per day (bpd) into September. As of 1335 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $0.51 (+0.61 percent) to reach $83.71 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, went up by $0.57 (+0.72 percent) to $80.06 a barrel. However, the price of Russian Sokol slipped by $1.11 (-1.42 percent) to $77.26. Arab Light prices witnessed a decrease of $2.16 (-2.43 percent) to reach $86.70 a barrel. On the other hand, the price for Opec Basket rose by $0.15 (+0.17 percent) to $86.60. The OPEC Reference Basket of Crudes (ORB) is made up of Saharan Blend, Girassol, Djeno, Zafiro, Rabi Light, Iran Heavy, Basra Light, Kuwait Export, Es Sider, Bonny Light, Arab Light, Murban and Merey. Minutes after the Saudi announcement via the official Saudi Press Agency, oil prices – which were flat until then – rose. The Saudi extension was largely expected by the market and traders. The announcement comes a day ahead of a regular meeting of the Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ group, which regularly discusses the situation on the market and the need for OPEC+ intervention. The panel is not expected to change the OPEC+ production policy. TLTP
