- Saudi Arabia has said it will reduce how much oil it sends to the global economy by one million barrels per day (bpd), as the OPEC+ alliance of major oil-producing countries faces flagging oil prices and a looming supply glut.
- The kingdom said on Sunday that it would make these production cuts in July to support the sagging cost of crude after two earlier production cuts by OPEC+ members failed to push prices higher.
- OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, reached a deal on output policy after seven hours of talks at its headquarters in Vienna and agreed to extend earlier cuts in supply through the end of 2024 by a further total of 1.4 million barrels per day.
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SUMMER BUMMER: Saudi Arabia To Cut Oil Output By 1 Million Barrels A Day In July
FILE - A gasoline price board is displayed at a gas station in San Francisco, Tuesday, July 19, 2022. California Gov. Gavin Newsom, on Friday, Sept. 30, 2022, directed state regulators to let oil refineries switch to a winter gasoline blend earlier than normal in an effort to lower soaring gas prices. He also called on the Legislature to pass a new windfall tax on oil industry profits. (AP Photo/Jeff Chiu, File)
