Oil rises as Saudi Arabia pledges deep cuts to August exports

Oil remains in bear market amid concern that rising global output will offset curbs by Opec, allies

Oil rose as Saudi Arabia said it would make deep cuts to its crude exports in August and encourage better compliance with supply reductions from other producers.

Futures rose as much as 1 per cent in New York. Saudi Arabia, Organization of Petroleum Exporting Countries’ (Opec’s) largest producer, will limit exports to 6.6 million barrels a day in August, 1 million lower than year earlier, Minister of Energy and Industry Khalid Al-Falih said after a meeting with fellow producers. The nations gathering in St Petersburg, Russia, made no major changes to their wider supply agreement, stopping short of capping output of