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 ...
MOSCOW/RYADH (Worthy News) – The world’s biggest oil exporters, Russia and Saudi Arabia, have urged all members of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to cut production. Faced by lower oil prices linked in part to oversupply, Moscow seems determined ...
TheU.S. accused Saudi Arabiaof kowtowing to Moscow, which objects to a Western cap on the price of Russian oil in response to its invasion of Ukraine. “We presented Saudi Arabia with analysis to show that there was no market basis to cut production targets, and that they could easily w...
BRIONI, Yugoslavia - Saudi Arabia Tuesday ruled out cutting the oil production of the Organization of Petroleum Exporting Count ries, and the kingdom's oil minister forecasted little chance of an immediate agreement to end the oil price slump.Robert Burns, Ap...
The latest export cuts come in addition to existing supply reductions by the group of oil-producing nations known as OPEC+. The group already had in placeoil output cutsof about 3.66 million barrels per day when Saudi Arabia introduced the additional supply cut. ...
Oil prices that go too high can fuel inflation, sapping consumer purchasing power and pushing central banks like the U.S. Federal Reserve toward further interest rate hikes that can slow economic growth. The Saudi production cut and any increase to oil prices could add to the profits that are...
Saudi Arabia said Monday it had asked oil giant Aramco to cut an additional one million barrels per day from June output, to support prices.
The situation is not helped by the fact that over the past two years, the oil-rich nation has borne the lion’s share of OPEC+ production cuts after agreeing to cut 1 million barrels per day or nearly half of the group’s 2.2 mb/d in pledged cuts. In effect, Saudi Ar...
Saudi Arabia and other major oil producers say they will cut oil production by 1.15 million barrels per day from May until the end of 2023. The Saudi Energy Ministry said Sunday that its cuts of 500,000 barrels per day were in addition to a reduction ann
Heavyweight producer Saudi Arabia will extend a 1 million barrel per day voluntary crude oil output cut into September, in the third month of such declines, the state-owned Saudi Press Agency said Thursday. "In effect, the Kingdom's production for the month of September 2023 will ...