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Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging prices
Credit: IndiaTimes- Published on June 4, 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...
Video credit: Rumble
Published on June 5, 2023 - 00:45
Oil prices up after Saudi Arabia announces more production cuts
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 top oil exporter, already reduced production in April by 500,000 barrels a day. Riyadh extended that cut on Sunday through December 2024.
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