Saudi Arabia’s energy ministry has advised state-owned oil producer Saudi Aramco to cut its crude oil production by one million bpd from 1 June, the ministry announced today.
This, combined with Saudi Arabia’s previous oil reductions, agreed to by OPEC and its oil-producing allies, make the country’s total cut about 4.8 million bpd below its April record production level. Production for June is now expected to be 7.492 million bpd.
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Saudi Arabia has also said it expects to reduce production further in an effort to support global oil markets.
