Saudi Arabia cuts oil production
The Saudi Press Agency reported that the Kingdom is continuing with its programme of voluntary production cuts at a rate of one million bpd to August of this year inclusive.
The Saudi Press Agency reported that the Kingdom is continuing with its programme of voluntary production cuts at a rate of one million bpd to August of this year inclusive. It has also stated that, if necessary, the cuts could be extended beyond August. As early as last year, the OPEC+ nations had already agreed to a reduction of 3.5 million barrels in their daily output in a bid to keep oil prices high despite the expected recession.
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