RIYADH, March 3 (Xinhua) -- Saudi Arabia announced on Sunday the extension of its voluntary cut of oil production of 1 million barrels per day to support the stability and balance of oil markets, the Saudi Press Agency reported. The reduction was implemented in July 2023 until the end of ...
Saudi Arabia, the dominant producer in the OPEC oil cartel, was one of several members that agreed on a surprise cut of 1.6 million barrels per day in April. The kingdom's share was 500,000. That followed OPEC+ announcing in October that it would slash 2 million barrels per day, angeri...
Brent crude oil prices rose on Monday after Saudi Arabia on Sunday announced a surprise 1 million barrels per day (mbpd) production cut from July, its biggest one-off reduction in years. di UBS Editorial Team 05 Jun 2023Saudi stands out among its peers for its track record of delivering ...
The group already had in placeoil output cutsof about 3.66 million barrels per day when Saudi Arabia introduced the additional supply cut. The White House has previously criticized the action, with President Biden vowing there"will be consequences"for Saudi Arabia....
Saudi Arabia's announcement, carried by the state-run Saudi Press Agency, said the country still would monitor the market and could take further action if necessary. "This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the...
The White House pushed back on Oct. 13, saying it presented Saudi Arabia with an analysis that showed the oil cut by OPEC+ could hurt the world economy.
Saudi Arabia will extend a cut in the amount of oil it sends to the world after a series of reductions by members of the OPEC+ alliance.
According to a Reuters report in Dubai on September 6, Saudi Arabia, the world's largest oil exporter, sharply cut its prices for all grades of crude oil to Asian customers in October, but prices for northwestern Europe and the United States remained stable. ...
Media reports said Saudi Arabia will cut oil output in January by at least 486,000 barrels a day to 10.06 million barrels a day, which means the country abides by the output cut deal reached by the Organization of the Petroleum Exporting Countries in November last year. ...
Saudi Arabia’s energy minister has defended the kingdom’s decision to extend oil production cuts, insisting the move was not about “jacking up prices” even as crude futures push towards $100 a barrel. Riyadh and Moscow earlier this month announced they would prolongcuts to productionand exp...