The Saudi cut of 1 million barrels per day, to start in July, comes as the other OPEC+ producers agreed in a meeting in Vienna to extend earlier production cuts through next year.
Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries in the OPEC+ alliance failed to push oil higher.
The slump in oil prices has helped U.S. drivers fill their tanks more cheaply and gave consumers worldwide some relief from inflation. All told, OPEC+ has now dropped production on paper by 4.6 million barrels a day. But some countries can't produce their quotas, so the actual reduction is around 3.5 million barrels per day, or over 3% of global supply.
The International Monetary Fund estimates the kingdom needs $80.90 per barrel to meet its envisioned spending commitments, which include a planned $500 billion futuristic desert city project called Neom.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Saudi Arabia pledges new voluntary cut of 1 million barrels per day for JulySaudi Arabia has pledged a new voluntary oil output cut of 1 million barrels per day for July, which could be extended further, its energy ministry said on Sunday.
Leer más »
Oil prices jump more than 2% after Saudi Arabia sets July production cutOil futures trade with strong gains Sunday evening, after Saudi Arabia announces it will cut production by another 1 million barrels a day in July.
Leer más »
Saudi Arabia's Al Ittihad to sign Benzema on two-year dealSaudi Arabia's Al Ittihad have reached an agreement with French striker Karim Benzema to sign him on a two-year deal, Saudi state-run Al Ekhbariya television station reported on Sunday.
Leer más »
Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging pricesSaudi 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. That the Saudis felt another cut was necessary underlines the uncertain outlook for demand for fuel in the months ahead.
Leer más »
OPEC+ sticks to 2023 oil production targets as Saudi Arabia announces further voluntary cutsOPEC+ ministers met on Sunday to agree further oil production policy steps amid depressed oil prices.
Leer más »