Saudi Arabia Announces It Will Significantly Cut Oil Production In July

 

Reuters: Saudi pledges big oil cuts in July as OPEC+ extends deal into 2024 

VIENNA (Reuters) -Saudi Arabia will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group seeks to boost flagging oil prices. 

Saudi's energy ministry said the country's output would drop to 9 million barrels per day (bpd) in July from around 10 million bpd in May, the biggest reduction in years. 

"This is a Saudi lollipop," Saudi Energy Minister Prince Abdulaziz told a news conference. "We wanted to ice the cake. We always want to add suspense. We don't want people to try to predict what we do... This market needs stabilisation". 

OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world's crude, meaning its policy decisions can have a major impact on oil prices.  

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Saudi Arabia Announces It Will Significantly Cut Oil Production In July  

Saudi Arabia is slashing oil supply. It could mean higher gas prices for US drivers -- AP  

OPEC+ Latest: Saudis Unveil Extra 1 Million Barrel Cut -- Bloomberg  

Saudi Arabia to slash oil production again as OPEC+ extends supply curbs -- CNN  

Saudi Arabia to cut oil output by 1 million barrels a day in July -- Al Jazeera 

Saudi energy minister defends voluntary oil cuts as precautionary -- CNBC