Saudis to cut crude oil output amid effort to halt fall in prices

Saudi energy minister Prince Abdulaziz said Riyadh's cut of 1m barrels per day could be extended beyond July if needed

After seven hours of talks, OPEC+ decided to reduce overall production targets from 2024 by a further total of 1.4m barrels per day. Stock picture

Saudi Arabia will make deep production cuts in July as part of a broader output-limiting Opec+ deal as the oil-producing group faces flagging crude prices and a looming supply glut.

Saudi energy minister Prince Abdulaziz said the cut of 1m barrels per day by Riyadh could be extended beyond July if needed. “This is a Saudi lollipop,” he said.