“The Kingdom [of Saudi Arabia] will implement an additional voluntary cut in its production of crude oil, amounting to one million barrels per day, starting in July for a month that can be extended,” the state-owned Saudi Press Agency said Sunday.
The Saudi statement followed a meeting Sunday in Vienna of the alliance known as OPEC+, which includes members of the Organization of the Petroleum Exporting Countries (OPEC), Russia, and other smaller producers.
At the meeting, Riyadh also agreed to extend a production cut of 500,000 barrels per day — announced in April — through 2024.
Other members of OPEC+ would also continue to curb output until the end of next year, Reuters reported.
Oil prices surged after the surprise April cut, reaching a peak later that month, but reversed course in subsequent weeks.
Persons:
—, Alexander Novak, Saudi Ministry of Energy “, Brent, Energy Prince Abdulaziz bin Salman, Joe Klamar, “, ”, …, ” Prince Abdulaziz bin Salman
Organizations:
London CNN, Saudi Press Agency, Organization of, Petroleum, Reuters, Saudi Ministry of Energy, OPEC, Federal, Saudi, Energy, Bloomberg, Wall Street Journal
Locations:
Saudi Arabia, OPEC, Saudi, Vienna, Russia, Riyadh, —, Moscow, Ukraine —, AFP, Qatar, United States, China, Germany, Europe’s