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As the most reliable and balanced news aggregation service on the internet, DML News App offers the following information published by DAILYCALLER.COM:
Saudi Arabia will cut its oil production by 1 million barrels per day in a move to boost oil prices, according to a Sunday announcement.
“This is a Saudi lollipop,” Saudi Energy Minister Prince Abdulaziz said of the decision reported in Reuters.
Riyadh’s voluntary cuts, effective July 2023, fall under a broader plan put in place by the Organization of the Petroleum Exporting Countries and allies (OPEC+), the outlet noted. The Russia-led group settled on a deal to further reduce overall production targets through 2024. The agreement increases the production targets for the United Arab Emirates while lowering those of others, translating into cuts of 1.4 billion barrels per day, according to Reuters.
Saudi Arabia’s energy minister said The new production targets are “much more transparent and much more fair,” according to the Associated Press.
The announcement now reflects uncertainty over fuel demand in the coming months, the outlet added.
The drop in production could mean an increase in gas prices, the AP suggested.
Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to support the cost of crude after two earlier production cuts by members of the OPEC+ alliance of major oil-producing countries failed to push prices higher https://t.co/aEMA5c556f
— The Associated Press (@AP) June 4, 2023
— Chris 🇺🇸 (@Chris_1791) June 4, 2023
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