Saudi Arabia is pledging to make even deeper cuts to its oil production as the kingdom scrambles to revive the crude market it helped crash
New York .
The world's largest oil exporter announced Monday it will slash oil production by another 1 million barrels per day in June. That's on top of the record-setting cuts reached by OPEC and Russia in April to halt the historic collapse in prices during the coronavirus pandemic. That would leave Saudi Arabia's daily output at just 7.5 million barrels, down 39% from April when the kingdom was intentionally flooding the market with oil in the midst of an epic price war with Russia.
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.
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 »
Saudi Arabia braces for austerity amid coronavirus crisisWith oil prices at new lows and pilgrimages cancelled, Riyadh is having to tighten its belt through wage and spending cuts.
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 »