Saudi Arabia will cut oil production in June by a further 1 million barrels per day.
This reduction will add to the supply cuts already agreed upon under an agreement by the Organization of the Petroleum Exporting Countries and its allies (OPEC+).
247 - Saudi Arabia has instructed state-owned oil company Aramco to cut oil production by 1 million barrels per day in June of this year. This reduction will add to supply cuts already agreed upon under an agreement by the Organization of the Petroleum Exporting Countries and its allies (OPEC+).
"This brings the total production cut that will be carried out by the kingdom to around 4,8 million barrels per day, compared to the production level in April," said a representative of the Ministry of Energy on Monday, the 11th. "With this, the kingdom's production in June, after the cuts in its target and the voluntary cuts, will be 7,492 million barrels per day," he added.
Oil prices have fallen, with global demand for oil reduced by about 30% due to the coronavirus pandemic.
OPEC+ reached an agreement last month to reduce production by 9,7 million barrels per day in May and June, an unprecedented cut.