What oil production cuts were agreed at OPEC+ meeting? – Reuters
- Date: 06-Jun-2023
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
What oil production cuts were agreed at OPEC+ meeting? – Reuters
VIENNA, June 5 (Reuters) - Saudi Arabia will make a deep cut to its output in July in addition to a broader OPEC+ deal to limit supply to the end of 2024 as the group faces flagging oil prices.
The following explains Sunday's OPEC+ agreement and its effect on supply.
OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, already had in place oil output cuts of 3.66 million barrels per day, amounting to 3.6% of global demand.
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