Saudi Arabia will voluntarily deepen oil output cuts from June as low oil prices are causing huge pain to the kingdom's budget and global demand remains weak due to lockdowns to contain the coronavirus pandemic.
DUBAI - Saudi Arabia will voluntarily deepen oil output cuts from June as low oil prices are causing huge pain to the kingdom’s budget and global demand remains weak due to lockdowns to contain the coronavirus pandemic.
Last Friday, the two men discussed oil and defence amid news Washington would withdraw two Patriot anti-missile batteries from Saudi Arabia that have been a defence against Iran. Washington said the withdrawal was not linked to oil. Kuwait joined Saudi Arabia in announcing fresh oil production cuts of 80,000 bpd in June, on top of those already agreed under the OPEC+ plan. The United Arab Emirates also said it would reduce another 100,000 bpd in June.
Asked whether the deeper cuts by Saudi Arabia would continue beyond June, Prince Abdulaziz declined to comment, but struck an optimistic note on the future of the oil market.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi Arabia scrambles to boost oil prices and revive the market it helped crashSaudi Arabia is pledging to make even deeper cuts to its oil production as the kingdom scrambles to revive the crude market it helped crash
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.
Read more »
Exclusive: Saudi Aramco seeking to review price of SABIC deal - sourcesSaudi Aramco is looking to restructure its deal to acquire a controlling stake in petrochemicals maker SABIC after a more than 40% drop in SABIC's value following a slump in oil prices in coronavirus pandemic, two sources told Reuters.
Read more »
Saudi triples VAT rate in austerity push to counter oil slump, virusSaudi Arabia will triple value added tax and suspend a cost of living allowance for state workers, it said on Monday, seeking to shore up finances hit by low oil prices as the coronavirus pandemic pummels global demand for its lifeline export.
Read more »
Saudi to distribute $493 million as 'Ramadan Aid' for social security beneficiariesSaudi king Salman ordered on Monday the distribution of 'Ramadan Aid' worth 1.85 billion riyal ($492.6 million) for social security beneficiaries, the state news agency reported.
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.
Read more »