Saudi Arabia to cut extra 1 mln barrels per day of oil production over OPEC agreement
A Saudi Arabian energy ministry official said on Monday that the ministry has directed national oil company Aramco to reduce its crude oil production for June by an extra voluntary amount of 1 million barrels per day, on top of the reduction already committed by the kingdom under the OPEC+ cut deal.
“This brings the total production cut that will be carried out by the Kingdom, to around 4.8 million barrels per day, from the April production level,” he said.
“Therefore, the kingdom’s production for June, after both its targeted and voluntary cuts, will be 7.492 million barrels per day,” he added.
Saudi stocks climb up on higher oil prices, real estate stocks weigh on Dubai indexSaudi Arabian stocks rose in early trade on Sunday led by banks, mirroring Friday’s gains in oil prices, while Dubai was pressured by losses in ... Financial Markets
Oil stockpiles shrinking in China, world’s biggest crude buyer, amid market glutThe great oil glut of 2020 may have already peaked in the world’s biggest crude importer.Crude inventories in China have shrunk in recent weeks after ... Energy
Oil and gas majors remain committed to dividends despite price plunge: ReportMajor oil and gas companies remain committed to paying shareholder dividends despite suffering due to a historic oil price plunge as a result of the ... Energy