Saudi Arabia will reduce its output by 1 million barrels per day on top of a broader OPEC+ deal to limit supply into 2024 as the group seeks to boost flagging oil prices
Russian, Nigerian, Angolan targets brought in line with outputVIENNA, June 4 - Saudi Arabia will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group seeks to boost flagging oil prices.
OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world's crude, meaning its policy decisions can have a major impact on oil prices.briefly sent international benchmark Brent crude around $9 higher, but prices have since retreated under pressure from concerns about the weakness of the global economy and its impact on demand.
Since Russia's invasion of Ukraine began in February last year, Western nations have accused OPEC of manipulating oil prices and undermining the global economy through high energy costs. The West has also accused OPEC of siding with Russia.inflationAnalysts said Sunday's OPEC+ decision sent a clear signal the group was willing to support prices and attempt to thwart speculators.
As the market stayed closed on Sunday, UBS analyst Giovanni Staunovo predicted a strong start when it reopens on Monday.
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