Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging prices
FRANKFURT, Germany — Saudi Arabia said Sunday that it will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two previous cuts to supply by major oil-producing countries in the OPEC+ alliance failed to push prices higher.
Calling the Saudi reduction a “lollipop,” bin Salman said, “We wanted to ice the cake.” He said the cut could be extended and that the group “will do whatever is necessary to bring stability to this market.” Saudi Arabia, the dominant producer in the OPEC oil cartel, was one of several members that agreed on a surprise cut of 1.16 million barrels per day in April. The kingdom’s share was 500,000. That followed OPEC+ announcing in October that it would slash 2 million barrels per day, angering U.S. President Joe Biden by threatening higher gasoline prices a month before the midterm elections.
The cut follows bin Salman’s sharp warning to speculators betting on lower oil prices. The Saudis need sustained high oil revenue to fund ambitious development projects aimed at diversifying the country’s economy away from oil. The U.S. recently replenished its Strategic Petroleum Reserve — after Biden announced the largest release from the national reserve in American history last year — in an indicator that U.S. officials may be less worried about OPEC cuts than in months past.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging pricesSaudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two earlier production cuts by members of the OPEC+ alliance of major oil-producing countries failed to push prices higher. The announcement of the Saudi cuts of 1 million barrels per day came Sunday after a meeting of the alliance at OPEC headquarters in Vienna. The rest of the OPEC+ oil producers agreed to extend earlier cuts in supply through the end of 2024. That the Saudis felt another cut was necessary underlines the uncertain outlook for demand for fuel in the months ahead.
Consulte Mais informação »
Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging pricesThe slump in oil prices has helped American drivers fill their tanks more cheaply.
Consulte Mais informação »
Saudi Arabia pledges new voluntary cut of 1 million barrels per day for JulySaudi Arabia has pledged a new voluntary oil output cut of 1 million barrels per day for July, which could be extended further, its energy ministry said on Sunday.
Consulte Mais informação »
OPEC+ sticks to 2023 oil production targets as Saudi Arabia announces further voluntary cutsOPEC+ ministers met on Sunday to agree further oil production policy steps amid depressed oil prices.
Consulte Mais informação »
Saudi Arabia's Al Ittihad to sign Benzema on two-year dealSaudi Arabia's Al Ittihad have reached an agreement with French striker Karim Benzema to sign him on a two-year deal, Saudi state-run Al Ekhbariya television station reported on Sunday.
Consulte Mais informação »