Saudi Arabia said it would slash oil output by another 1 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
“The Kingdom [of Saudi Arabia] will implement an additional voluntary cut in its production of crude oil, amounting to one million barrels per day, starting in July for a month that can be extended,” the state-owned Saudi Press Agency said Sunday. The Saudi statement followed a meeting Sunday in Vienna of the alliance known as
+ would also continue to curb output until the end of next year, Reuters reported. The Saudi Ministry of Energy “explained that the Kingdom’s additional voluntary cut comes to reinforce the precautionary efforts made by which produces about 40% of the world’s crude oil, unexpectedly announced at the beginning of April that its members would cut output by 1.66 million barrels per day, on top of reductions of 2 million barrels per day unveiled in October. Oil prices surged after the surprise April cut, reaching a peak later that month, but reversed course in subsequent weeks.
as members of the press have not received an invite to cover the event.
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