World News | Saudis to Cut Oil Production by 500,000 Barrels Per Day
Get latest articles and stories on World at LatestLY. Saudi Arabia says it will cut oil production by 500,000 barrels per day from May until the end of 2023.
Dubai, Apr 2 (AP) Saudi Arabia says it will cut oil production by 500,000 barrels per day from May until the end of 2023.
The Energy Ministry said Sunday that the cuts would be made in coordination with some OPEC and non-OPEC members, without naming them, and were in addition to a reduction announced last October.
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It described the move as a “precautionary measure” aimed at stabilising the oil market. (AP)
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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)