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Saudi Aramco to cut oil production in June
Saudi Arabia’s state-owned oil company Saudi Aramco decided to further cut oil production in June. RBC-Ukraine reports this with reference to Reuters.
According to the Saudi Ministry of Energy, in June the oil company Saudi Aramco will cut production by another million barrels per day. The June reduction will complement the restrictions previously imposed by the OPEC + agreement.
It is observed that the general decrease in oil production by Saudi Aramco in June will amount to 4.8 million barrels per day, that is, the country will produce 7.5 million barrels per day. Therefore, Riyadh plans to stimulate other countries to meet their obligations and reduce oil production to stabilize the world market.
Recall that it was previously reported that oil prices rose on May 7 after an unexpected rise in Chinese exports, as well as amid declining US production and the resumption of commercial activity in Europe. Brent crude oil futures rose 6.46% to $ 31.64 per barrel.
As RBC-Ukraine wrote, on April 12, OPEC + countries agreed to the largest reduction in oil production due to a decrease in demand caused by the global coronavirus pandemic.
