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Posts tagged as “the OPEC+ alliance”

Saudi Arabia Announces 1 Million Barrels Per Day Cut in Oil Production to Prop Up Prices

At a news conference in Vienna, Saudi Energy Minister Abdulaziz bin Salman announced a 1 million barrel per day reduction in oil production, starting in July, to help stabilize the global oil market and prevent further price drops. This cut comes as the OPEC+ alliance agreed to extend earlier production cuts through next year, and Minister Salman noted that the cut could be extended and that the group “will do whatever is necessary” to ensure market stability.