Saudi Arabia extends oil production cut
Saudi Arabia The country will continue to produce only 9 million bopd, with the possibility to extend and even deepen the production cut moving forward.
The cut follows a broad deal made by OPEC+ members in June 2023 to dampen oil production into 2024, which saw Saudi Arabia bring down its production from 10 million bopd to 9 million bopd for the month and extend the cut into August.
OPEC+ members produce around 40% of the world’s oil and have been limiting output since 2022.
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