{"id":3470,"date":"2023-07-03T12:18:33","date_gmt":"2023-07-03T10:18:33","guid":{"rendered":"https:\/\/www.dhcab.com\/?p=3470"},"modified":"2023-07-03T12:18:33","modified_gmt":"2023-07-03T10:18:33","slug":"saudi-arabia-to-cut-oil-output-by-1-million-barrels-a-day-this-month","status":"publish","type":"post","link":"https:\/\/www.dhcab.com\/?p=3470","title":{"rendered":"Saudi Arabia to cut oil output by 1 million barrels a day this month"},"content":{"rendered":"
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Saudi Arabia has begun cutting its oil supply to the global economy by one million barrels per day (bpd), effective July 1, as the OPEC+ alliance of major oil-producing nations faces flagging oil prices and a looming supply glut.<\/p>\n

The cut by Riyadh could also be extended beyond July if needed.<\/p>\n

That said, two previous production cuts by OPEC+ members have failed to push prices up much, despite the organization pumping about 40% of the world’s crude.<\/p>\n

In early June, OPEC+ also agreed to extend earlier supply cuts through the end of 2024 by a further total of 1.4 million barrels per day.<\/p>\n

The organization already has a 2 million bpd production cut agreed to last year, representing 2% of global demand.<\/p><\/div>\n<\/div>\n