Vienna: Saudi Arabia has decided to cut oil production, and OPEC cuts have been extended until 2024.
Reuters Saudi Arabia has committed to major oil cuts in July to boost oil prices, with OPEC+ also extending the deal to 2024.
Saudi Arabia’s energy ministry said the country’s output would fall to 9 million barrels a day in July, from about 10 million barrels in May, the biggest drop in years.
At a meeting in Vienna, Saudi Energy Minister Prince Abdulaziz bin Salman said that a 1 million barrel cut was being made for July and could be extended, lowering overall production targets to 1.4 million barrels per day. will go
On the other hand, the Russian Deputy Prime Minister said that the production cut will continue until the end of 2024. It should be noted that OPEC Plus is already following the cut of 2 million barrels per day agreed last year and this amount is 2 percent of global demand.
In April, it agreed to a further voluntary cut of 1.6 million barrels per day, a deal that will remain in effect until the end of this year after starting in May.
A statement released by OPEC Plus said that member countries have agreed on a new production target of 40.46 million barrels per day from 2024. According to SPA, the Saudi Ministry of Energy said that Saudi Arabia will cut another million barrels of oil for one month from July.
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