Friday, 22 November 2024
Saudi Arabia has said it will reduce how much oil it sends to the global economy by one million barrels per day (bpd), as the OPEC+ alliance of major oil-producing countries faces flagging oil prices and a looming supply glut.
The kingdom said on Sunday that it would make these production cuts in July to support the sagging cost of crude after two earlier production cuts by OPEC+ members failed to push prices higher.
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