Saudi Arabia has announced that it will cut 1 million barrels per day of oil production.
It is said that other oil producing countries of the world have also agreed to reduce their production in order to stabilize the price of oil.
Saudi Arabia has announced that it will cut 1 million barrels of oil per day starting next July, and the Organization of the Petroleum Exporting Countries, or OPEC+, has announced that it will reduce daily oil supply by 1.4 million barrels by 2024.
OPEC+ supplies 40 percent of the world's oil demand, and the decision could have a major impact on global oil prices.
Following Saudi's decision, the price of crude oil in the Asian market rose by 2.4 percent to 77 dollars per barrel.
Saudi Energy Minister Prince Abdulaziz bin Salman; He said that the decision to reduce oil production capacity can be extended after July if necessary. They stated that the decision will stabilize the world oil price.
Via - Tikvah
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