KONTAN.CO.ID - DUBAI. Saudi Arabia will boost output in July to match its output OPEC quota while ending voluntary deeper cuts as it sees need for more oil at home amid signs of global demand recovery, the Saudi energy minister said on Monday. OPEC, Russia and other producers agreed on Saturday to extend production cuts of 9.7 million barrels per day (bpd) until the end of July, curbing global supply by almost 10%. For June, Saudi Arabia, Kuwait and the United Arab Emirates (UAE) had pledged to cut by 1.18 million bpd on top of that, with Riyadh forfeiting an extra 1 million bpd.
Saudi Arabia to end voluntary cuts on top of OPEC+ pact
KONTAN.CO.ID - DUBAI. Saudi Arabia will boost output in July to match its output OPEC quota while ending voluntary deeper cuts as it sees need for more oil at home amid signs of global demand recovery, the Saudi energy minister said on Monday. OPEC, Russia and other producers agreed on Saturday to extend production cuts of 9.7 million barrels per day (bpd) until the end of July, curbing global supply by almost 10%. For June, Saudi Arabia, Kuwait and the United Arab Emirates (UAE) had pledged to cut by 1.18 million bpd on top of that, with Riyadh forfeiting an extra 1 million bpd.