Production cuts may be extended if necessary, Saudi Arabia: Photo: File
Vienna: Saudi Arabia has announced to cut oil production in July to boost prices.
An agreement was reached in Vienna between the oil producing countries regarding production. Various measures related to oil production and prices were reviewed in the meeting.
Saudi Arabia’s Energy Minister Abdulaziz bin Salman said in a press conference after the OPEC meeting that Saudi Arabia will cut oil production by 1 million barrels per day in July. The purpose of the reduction is to increase oil prices. If necessary, the reduction in oil production can also be extended.
Unlike Saudi Arabia, the United Arab Emirates (UAE) has been allowed to increase oil production.
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