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The world's largest oil exporter announced Monday it will slash oil production by another 1 million barrels per day in June. That's on top of the record-setting cuts reached by OPEC and Russia in April to halt the historic collapse in prices during the coronavirus pandemic. That would leave Saudi Arabia's daily output at just 7.5 million barrels, down 39% from April when the kingdom was intentionally flooding the market with oil in the midst of an epic price war with Russia.
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Oil gains after Saudi Arabia says it will cut production further to boost prices - Business InsiderThe kingdom's second round of oil production cuts comes after the historic deal with OPEC and its allies in April. u need a true man that will love me and I will give him all that I have No, the world does not need higher oil prices in the midst of global pandemic. The oil industry does. The way forward - RenewableEnergy greenenergy DivestFromWar
Source: BusinessInsider - 🏆 729. / 51 Read more »
Oil gains after Saudi Arabia says it will cut production further to boost prices - Business InsiderThe kingdom's second round of oil production cuts comes after the historic deal with OPEC and its allies in April. u need a true man that will love me and I will give him all that I have No, the world does not need higher oil prices in the midst of global pandemic. The oil industry does. The way forward - RenewableEnergy greenenergy DivestFromWar
Source: BusinessInsider - 🏆 729. / 51 Read more »