He announced the output cut after the meeting, calling it a "Saudi lollipop". Saudi Arabia said it would cut output in July by 10% or 1 million barrels per day (bpd) to 9 million bpd and may extend cuts further if needed. As well as the Saudi cut, OPEC+ lowered its collective production target for 2024 and the nine participating countries extended the April voluntary cuts to the end of 2024. Nonetheless, all those producers stand to benefit if they can keep output the same or pump a bit more, especially if the Saudi cut boosts prices. "Saudi cuts are playing second fiddle to worries about the state of the global economy," said Stephen Brennock of oil broker PVM, although he added the Saudi cut could widen a supply deficit in July.

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Persons: Prince Abdulaziz bin Salman, Prince Abdulaziz, Abu, Al Arabiya, Brent, Stephen Brennock, Rowena Edwards, Maha El, Simon Webb, David Evans Organizations: Saudi, Saudi Energy, Organization of, Petroleum, United Arab Emirates, Saudi Energy Ministry, OPEC's, Thomson Locations: Riyadh, Saudi, Saudi Arabia, Vienna, OPEC, Russia, Abu Dhabi, OPEC's Vienna, UAE, Nigeria, Angola, Friday's