Saudi Arabia to cut oil output by an additional 1M b/d in June
Saudi Arabia announced it will voluntarily deepen cuts to oil output by an additional 1M b/d from June, decreasing total production to 7.492M b/d, down by 4.8M b/d compared to April levels, reports Reuters. The kingdom had previously announced production targets of 8.5M b/d for both May and June. Saudi Energy Minister Prince Abdulaziz has stated that they want to be ‘ahead of the curve’ in attempts to rebalance the oil market, and encourage other oil producing nations to follow suit in making voluntary cuts.
Kuwait and the United Arab Emirates have also announced additional production cuts of 80K b/d and 100K b/d respectively, starting from June.