Saudi Arabia has announced a cut in oil production in July and an extension of the OPEC agreement until 2024.
The Saudi Ministry of Energy says that Saudi Arabia will voluntarily reduce oil production by 1 million barrels per day.
The Saudi energy minister said that the daily production cut of up to 1 million barrels could be extended beyond July.
The Saudi Ministry of Energy further said that this action is being taken with the coordination of some countries participating in the OPEC Plus agreement.
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