Saudi Shoulders Burden to Support Oil Market With Extra Cuts

Kingdom will reduce output by a further 1 million b/d in July
Russia won’t have to cut deeper, UAE gets higher 2024 quota

WATCH: Saudi Arabia has pledged an extra 1 million barrel-a-day oil supply cut in July to stabilize the market following an OPEC+ meeting over the weekend.Source: Bloomberg

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By Grant Smith, Fiona MacDonald, Nayla Razzouk, and Ben Bartenstein

June 4, 2023 at 7:02 PM UTC

Updated on

June 5, 2023 at 12:01 AM UTC

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Saudi Arabia will make an extra 1 million barrel-a-day oil supply cut in July, taking its production to the lowest level for several years after a slide in crude prices.

The bold move by the most important member of the OPEC+ coalition came at the cost of ceding ground to two key allies: Russia, which made no commitment to cut output deeper, and the United Arab Emirates, which secured a higher production quota for 2024. Oil prices advanced on Monday.