Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging prices
Sunday, 4 June 2023 Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two earlier production cuts by members of the OPEC+ alliance of major oil-producing countries failed to push prices higher. The announcement of the Saudi cuts of 1 million barrels per day came Sunday after a meeting of the alliance at OPEC headquarters in Vienna. The rest of the OPEC+ oil producers agreed to extend earlier cuts in supply through the end of 2024.
Oil prices are up after Saudi Arabia, a key member of the Organization of the Petroleum Exporting Countries, announced more production cuts, which include reducing production by an additional 1 million barrels a day for at least a month and extending current cuts. Saudi Arabia, the world's...
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Credit: euronews (in English) Duration: 01:02Published
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Sunday, 4 June 2023
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