Saudi Arabia to end voluntary cuts on top of Opec+ pact | Malay Mail

📆 6/8/2020 5:41 PM
📰 malaymail

⏱ Reading Time:
14 sec. here
2 min. at publisher
📊 Quality Score:
News: 9%
Publisher: 86%

Energy Energy Headlines News

Energy Energy Latest News,Energy Energy Headlines

DUBAI, June 8 — 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 today. Opec, Russia and other producers agreed on Saturday to extend...

An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. — Reuters pic

For June, Saudi Arabia, Kuwait and the United Arab Emirates had pledged to cut by 1.18 million bpd on top of that, with Riyadh forfeiting an extra 1 million bpd. Saudi crude use for power generation typically increases in the hot summer months, the minister noted.

Write Comment

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Energy Energy Latest News, Energy Energy Headlines