Saudi Arabia said on Sunday that it will cut its crude supply by one million barrels a day from July 1, a “voluntary” cut announced by Saudi Energy Minister Abdelaziz bin Salman.
The decision was announced at a press conference, after a meeting of OPEC+, an alliance that brings together the Organization of the Petroleum Exporting Countries (OPEC) and 10 other countries, including Russia.
The minister explained that the country will also continue with the limitations to which it committed itself in OPEC+.
The voluntary reduction of one million barrels per day takes effect in July and “may be extended,” Abdelaziz bin Salman said.
Riyadh’s move comes after prices fell in recent months, despite unexpected cuts being announced in April.
The 1.6 million barrels a day reduction implemented since May by nine countries, including Saudi Arabia and Russia, will continue until the end of 2024, Russian Deputy Prime Minister Alexander Novak told reporters.
The group’s negotiations lasted several hours, with the ‘media’ referring to the differences between the 23 participants, who account for 60% of world oil production.
After difficult discussions, the United Arab Emirates managed to increase the basis for calculating its share of oil production, according to the new table published by OPEC.
According to the Bloomberg agency, this claim initially had the reluctance of Angola, the Republic of the Congo and Nigeria.
Source: TSF
