Saudi Arabia to Cut Oil Production by 1 Million Barrels per Day to Boost Prices

OPEC countries and their partners, known as OPEC+, showed their commitment to higher oil prices at their meeting in Vienna on June 4.
Following their meeting, OPEC+ members extended their voluntary supply cuts until the end of 2024, which were first announced in April and were supposed to expire at the end of 2023, according to the Saudi Press Agency, the official news agency of the kingdom.
In addition, the Saudi Arabian Ministry of Energy announced that beginning in July, the country will implement a further voluntary cut in its crude production, amounting to 1 million barrels per day (bpd). This additional output cut can be prolonged beyond July, the news agency reported. As a result, Saudi Arabia’s output will be reduced to 9 million bpd in July, and its total voluntary cut will be 1.5 million bpd….}