ReadR


Discover Content : Trends

Discover real-time trending topics, hashtags, and content from different countries.
Top Countries

Select Country:🌐

Worldwide 🌍 | Nigeria 🇳🇬 | South Africa 🇿🇦 | Kenya 🇰🇪 |

America:
Canada 🇨🇦 | United States 🇺🇸

Africa:
Algeria 🇩🇿 | Egypt 🇪🇬 | Ghana 🇬🇭 | Kenya 🇰🇪 |Morocco 🇲🇦| Nigeria 🇳🇬 | South Africa 🇿🇦 |

Middle East:
Turkey 🇹🇷| Cyprus 🇨🇾 |

Europe:
Finland 🇫🇮| Hungary 🇭🇺 | Italy 🇮🇹 | Slovakia 🇸🇰 | Switzerland 🇨🇭 | United Kingdom 🇬🇧

Asia:
China 🇨🇳 |

Show more
Show less

Headline : For Saudi Arabia, the price of oil is falling too low

Read more from the original article on here at qz.com.




Tags : #saudi #arabia #price #oil #falling #too #low


No. of Paragraph 18

Saudi Arabia is slashing its July output of oil to boost falling prices.

Yesterday (June 4), the energy ministry of Saudi Arabia—the de facto leader of the oil cartel OPEC+, comprising the 13 nations that are part of the Organization of Petroleum Exporting Countries (OPEC) and 11 oil-producing nations that are not—said that it would cut oil output by 1 million barrels per day (bpd). In July, the kingdom will send only 9 million bpd to market.

Saudi Arabia’s unilateral decision coincided with an OPEC+ agreement, made during a meeting in Vienna, to extend the cuts made late last year and in April this year. Those production cuts will now last until the end of 2024. The cartel also reduced overall production targets starting January 2024 by a further 1.4 million bpd, to a combined 40.46 million bpd.

Oil prices have already risen in response—which was precisely the result Saudi Arabia was looking for.

Read more from the original article on here at qz.com.


Related Headlines : For Saudi Arabia, the price of oil is falling too low (in Google.com):

Hello, below you have a "Web" tab to read more content and an "Image" tab to get related pictures

Example : Trends, Country, News, Jobs, Scholarships, Investment, Business, Politics, Adverts, Fashion, Events, Technology and more.