Saudi Arabia Continues Oil Supply to Asia Despite OPEC+ Cuts, Boosting Bourse Gains.
Despite its pledge to cut output by 500,000 barrels per day, Saudi Aramco will supply full crude contract volumes loading in May to several North Asian buyers. The Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, announced an extra output cut of 1.16 million barrels per day from May for the rest of the year. The move caused Brent and U.S. West Texas Intermediate crude futures to jump 6% last week, returning to levels last seen in November.