Saudi Arabia promises oil production cuts

Saudi Arabia

RIYADH, June 5, 2023 – Saudi Arabia has pledged to cut oil production by 1 million bpd starting in July, Reuters announced on Monday.

The country currently produces around 10 million bopd and will cut production to 9 million bopd.

The decision was presented at an OPEC+ meeting on Sunday.

The move is in line with the organization’s decision to limit oil production towards 2024 to counter lowering oil prices.

OPEC+ has made production cuts of 3.66 million bopd, which accounts for 3.6% of the world’s demand.

The group members produce 40% of global oil output.

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