Saudis Pledge Million-Barrel Cut at OPEC+ Meet; Oil Surges

The transcript discusses the recent OPEC meeting where Saudi Arabia decided to further cut oil production by 1 million barrels per day starting in July, aiming to stabilize oil prices. Despite the lack of additional cuts from other OPEC members, Saudi Arabia is taking on the burden to support prices. The market has been affected by various factors, including a softer economic outlook, especially in China. The Saudi energy minister has kept the market in suspense about future cuts, while bearish speculators have reduced their bets following warnings from Saudi Arabia.

What was the market's reaction to Saudi Arabia's previous cuts in oil production?

What actions is Saudi Arabia taking regarding oil production?

What factors are currently affecting oil prices according to the text?

How have oil prices changed compared to a year ago?

What warning did the Saudis issue to speculators on May 23rd?