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 12 mo ago
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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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PO1 William "Chip" Nagel
"Saudi Arabia has agreed to reduce its oil production by one million barrels a day in February and March, while Russia and Kazakhstan will increase their output by 130,000 barrels a day in total1. The decision was made by the OPEC+ coalition of 24 oil-exporting countries, which aims to balance supply and demand and curb market volatility12. The decision has pushed oil prices up more than 4 percent, reaching levels not seen since February1. The decision has also drawn criticism from the U.S., which has accused Saudi Arabia of aligning with Russia and hurting U.S. consumers and allies234. Saudi Arabia has dismissed the U.S. criticism as politically motivated and not based on facts24. The decision comes as the world faces rising energy costs and tensions over Russia's aggression in Ukraine5."...
"Saudi Arabia has agreed to reduce its oil production by one million barrels a day in February and March, while Russia and Kazakhstan will increase their output by 130,000 barrels a day in total1. The decision was made by the OPEC+ coalition of 24 oil-exporting countries, which aims to balance supply and demand and curb market volatility12. The decision has pushed oil prices up more than 4 percent, reaching levels not seen since February1. The decision has also drawn criticism from the U.S., which has accused Saudi Arabia of aligning with Russia and hurting U.S. consumers and allies234. Saudi Arabia has dismissed the U.S. criticism as politically motivated and not based on facts24. The decision comes as the world faces rising energy costs and tensions over Russia's aggression in Ukraine5."...
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