Posted on Jun 5, 2023
Saudi Arabia cuts oil production again to shore up prices — this time on its own
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https://www.npr.org/2023/06/04/ [login to see] /saudi-arabia-oil-opec
Saudi Arabia announced Sunday that it would begin cutting oil production by 1 million barrels per day in July to support the "stability and balance of oil markets."
Though the country says it doesn't use the cost of crude to make oil production decisions, the move is considered to be an attempt to prop up oil prices in response to global economic uncertainty and concerns that international demand could drop.
The decision came out of an OPEC+ meeting in Vienna, but the extra cuts announced by Saudi Arabia are being done unilaterally.
Saudi Arabia says the cuts will last at least a month and could be extended.
Saudi Arabia announced Sunday that it would begin cutting oil production by 1 million barrels per day in July to support the "stability and balance of oil markets."
Though the country says it doesn't use the cost of crude to make oil production decisions, the move is considered to be an attempt to prop up oil prices in response to global economic uncertainty and concerns that international demand could drop.
The decision came out of an OPEC+ meeting in Vienna, but the extra cuts announced by Saudi Arabia are being done unilaterally.
Saudi Arabia says the cuts will last at least a month and could be extended.
Saudi Arabia cuts oil production again to shore up prices — this time on its own
Posted from npr.org
Oil
Oil and Energy
Saudi Arabia
Posted >1 y ago
Responses: 3
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PO1 William "Chip" Nagel good day Brother William, always informational and of the most interesting. Thanks for sharing, have a blessed day!
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Gee, It would sure be nice to have a government get the hell out of the way and maybe subsidize some new refineries so that we could be energy independent again.
But leftist policies will never allow that to happen.
Stock up on gas while you can.
But leftist policies will never allow that to happen.
Stock up on gas while you can.
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