Saudi Arabia to Cut Output Unilaterally by Extra 1 Mbd for June - Bloomberg
Crude Spikes As Saudis Announce Additional Voluntary Cut
WTI jumped to a $25 handle with Brent crossing $31 as Saudi Arabia plans to cut output unilaterally by an extra 1 million barrels per day for June. Aramco has also been instructed to cut May production if possible. That’s a drop from the 8.5m barrels per day production target for May and June (as stipulated in the most recent OPEC+ deal). The news comes as Saudi Arabia takes austerity measures including tripling its VAT and reallocating spending.
Crude Spikes As Saudis Announce Additional Voluntary Cut
WTI jumped to a $25 handle with Brent crossing $31 as Saudi Arabia plans to cut output unilaterally by an extra 1 million barrels per day for June. Aramco has also been instructed to cut May production if possible. That’s a drop from the 8.5m barrels per day production target for May and June (as stipulated in the most recent OPEC+ deal). The news comes as Saudi Arabia takes austerity measures including tripling its VAT and reallocating spending.