Saudi Arabia says its latest unilateral cuts to oil production, announced Sunday at an OPEC+ meeting in Vienna, will last at least a month and could be extended.
OPEC+ countries also agreed to extend oil productionthrough the end of 2024, reducing the amount of crude they pump into the world market by more than 1 million barrels per day. OPEC+ countries produce about 40% of the world’s crude oil.
There had been pressure on many African nations and Russia to cut production. Meanwhile the United Arab Emirates will increase its crude output.Saudi Arabia will now produce 9 million barrels of crude oil per day, the country’s Ministry of Energy said. That’s 1.5 million fewer barrels per day than it was churning out earlier this year.
The cuts come shortly after Memorial Day in the U.S. and on the cusp of the busy summer travel season. Crude oil prices are closely associated with the cost of gasoline. Last summer President Biden traveled to Saudi Arabia — which he had previously called a “pariah” state — to ask the country’s leaders to increase oil production.The Biden administration has beenCopyright 2023 NPR. To see more, visit https://www.npr.org.
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