Saudi Energy Minister Prince Abdulaziz bin Salman said he “will do whatever is necessary to bring stability to this market.” As oil prices are hammered by a softer economic outlook, especially in China, achieving this means shouldering the burden of cuts. The rest of the 23-nation group offered no additional action to buttress the current market, but did pledge to maintain their existing cuts until the end of 2024.
Saudi Arabia will make an extra 1 million barrel-a-day oil supply cut in July, taking its production to the lowest level for several years after a slide in crude prices.
The bold move by the most important member of the OPEC+ coalition came at the cost of ceding ground to two key allies: Russia, which made no commitment to cut output deeper, and the United Arab Emirates, which secured a higher production quota for 2024. Oil prices advanced on Monday.
