How will Saudi Arabia’s oil output cut affect prices?
Saudi Arabia goes it alone in cutting oil production by one million barrels a day starting in July.
Oil producers are facing falling oil prices – and bets by Wall Street speculators could push prices further down.
Saudi Arabia says it wants to target those traders. It has announced it will cut oil output by one million barrels a day, starting next month. That will push its production down to levels rarely seen in decades.
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The decision came after lengthy negotiations by the OPEC+ alliance that saw other oil producers extend earlier reductions through to next year.
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Published On 10 Jun 2023