Saudi Arabia Will Make Significant Production Cuts In July As Part Of A Larger Output-Limiting OPEC Deal As The Group Faces Flagging Oil Prices And A Looming Supply Glut.

Saudi Energy Minister Prince Abdulaziz Said On Sunday (June 4) The Cut Of 1 Million Barrels Per Day By Riyadh Could Be Extended Beyond July If Needed.

OPEC, Which Groups The Organization Of The Petroleum Exporting Countries And Allies, Reached A Deal On Output Policy After Seven Hours Of Deliberation And Decided To Reduce Overall Production Targets From 2024 By A Further Total Of 1.4 Million Barrels Per Day