Saudi Arabia to Slash Oil Output by An Extra 1 mln bpd

A Saudi Arabian energy ministry official said on Monday that the ministry has directed national oil company Aramco to reduce its crude oil production for June by an extra voluntary amount of 1 million barrels per day, on top of the reduction already committed by the kingdom under the OPEC+ cut deal.

“This brings the total production cut that will be carried out by the Kingdom, to around 4.8 million barrels per day, from the April production level,’’ he said.

‘’Therefore, the kingdom’s production for June, after both its targeted and voluntary cuts, will be 7.492 million barrels per day,” he added. (Reporting by Rania El Gamal)

Source: Reuters