FRANKFURT, Germany >> Saudi Arabia said Sunday that it will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two previous cuts to supply by major oil-producing countries in the OPEC+ alliance failed to push prices higher.
Saudi Arabia says it will reduce how much oil it sends to the global economy. It's took a unilateral step Sunday to support the sagging cost of crude after two earlier cuts in supply by major producing countries in the OPEC+ alliance failed to push prices higher.
The move to slash supplies by 1 million barrels per day in July is "extendable," said Riyadh. Members of the OPEC+ grouping also agreed to extend cuts previously agreed in April until the end of next year.
The announcement of the Saudi cuts of 1 million barrels per day, which will start in July, followed a meeting of the alliance at OPEC headquarters in Vienna.
Saudi Arabia says it will reduce how much oil it sends to the global economy. It's taking a unilateral step to support the sagging cost of crude after two earlier
OPEC+ countries also agreed to extend oil production cuts they announced in April through the end of 2024, reducing production by more than 1 million barrels per day.
Saudi Arabia said it would slash oil output by another one million barrels per day for at least a month starting in July as part of an effort by the OPEC+ group of leading producers to shore up crude prices.
FRANKFURT, Germany — Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries in the OPEC+ alliance failed to push oil higher. The Saudi cut
OPEC Plus, the group of major oil producers, said it would continue its recent cuts in output, but Saudi Arabia said it would cut further for at least a month.
Oil prices rose slightly on Monday morning as Saudi Arabia announced another 1 million barrels per day production cut, the only OPEC+ member to cut production.
In surprise move, OPEC+ decides to cut supply from Riyadh by a million barrels per day in hopes of sending gas prices soaring again after 10% drop since April
Consultancy Rystad Energy said the additional Saudi cut is likely to deepen the market deficit to more than 3 million barrels per day in July, which could push prices higher in the coming weeks.
The Saudi government’s decision to cut production further is an effort to help shore up the flagging price of crude oil, which has struggled to breach $80 per barrel in the past month.
Saudi Arabia announced that it will be cutting oil production by a million barrels a day as a group of oil-producing countries agreed to maintain their current reduced production levels into next year.
