Saudi Arabian Energy Minister: The Kingdom to make extra 1 mln b/d output cut from July

Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, said on Sunday, “Saudi Arabia to make extra 1 mln b/d output cut from July.”

Additional comments

The Kingdom will extend its 500k barrels per day (b/d) voluntary cut until the end of 2024.

Saudis will review extra voluntary cuts every month.

Extra voluntary cut is a precautionary measure.

We're not targeting prices.

We'll keep markets in suspense on whether july cut will be extended.

Russia is delivering on its oil output commitments.

There are some discrepancies in Russian production numbers.

Saudi oil output will be reduced to 9 mln b/d in July.

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