Written By Saudi Arabia has announced that it will reduce its oil production as part of a new OPEC+ deal. The move is aimed at supporting the global economy and stabilizing the price of crude oil, which been sagging in recent months. The kingdom’s share of the production cut will be 1 million barrels per day for the month of July.
The decision was made during a meeting of the OPEC+ group, which includes the Organization of the Petroleum Exporting Countries and its allies led by Russia. The group had been debating production quotas for several hours before reaching a deal on output policy.
The move comes after Saudi Arabia was one of several OPEC members that agreed to a surprise cut of 1.16 million barrels per day in April. The kingdom’s share of that cut was 500,000 barrels per day.
The new production cut is expected to have a significant impact on the global oil market, as Saudi Arabia is the dominant producer in the OPEC oil cartel. The move is also likely to be welcomed by other oil-producing nations, which have been struggling with low prices and oversupply in recent months.
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