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Saudis Shoulder Burden of Stabilizing Oil Market With Extra Cuts

Posted on AllSides June 4th, 2023
From The Left

Saudi Arabia said it will make an extra 1 million barrel-a-day production cut in July, taking its production to the lowest level for several years after a plunge in crude prices. Speaking after an OPEC+ meeting in which other producers offered no additional action to buttress current oil prices, but did extend their existing cuts into 2024, Saudi Energy Minister Prince Abdulaziz bin Salman said the kingdom “will do whatever is necessary to bring stability to this market.” The kingdom is doubling down on production cuts after the previous round...

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