Saudi Arabia cuts production to boost oil prices
- Date: 05-Jun-2023
- Source: Euronews
- Sector:Oil & Gas
- Country:Saudi Arabia
Saudi Arabia cuts production to boost oil prices
This voluntary reduction of around one million barrels a day applies from July and "may be extended", Saudi Prince Abdelaziz ben Salmane told a press conference at the end of a meeting in Vienna of the thirteen members of the Organisation of the Petroleum Exporting Countries (OPEC) and their ten allies led by Russia.
In addition, the cuts introduced at the beginning of May by nine countries, including Riyadh and Moscow, totalling 1.6 million barrels per day, "have been extended until the end of 2024", Russian Deputy Prime Minister Alexander Novak told journalists at the exit.
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