Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Lebanese Ministry of Health: One person was killed in an Israeli airstrike on a car in the town of Burj Qalawieh, south Lebanon.
Al Mayadeen correspondent: The first ship of the Maghreb fleet delivering aid to break the siege on Gaza departs from the port of Gammarth in Tunisia.
Channel 12: Airspace closed at Ramon Airport due to fears of drone infiltration
IOF Spokesperson: Sirens sounded over an aircraft infiltration in the Bir Ora area, and details are being examined
Drone infiltration sirens sound north of the Gulf of Aqaba
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out five extremely violent raids on the western areas of Gaza City
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out major bombings in the Gaza Strip, the most violent since October 7
Yemeni Armed Forces spokesperson Brigadier General Yahya Saree: The missile force carried out a major operation using the Palestine 2 ballistic hypersonic missile, hitting several targets in occupied Yafa.
Sirens sound in large areas of occupied Palestine after a missile launch from Yemen was detected
Al Mayadeen's correspondent: 14 martyrs arrive at al-Shifa Hospital following Israeli massacre of al-Sultan Family north of Gaza.

Saudi Arabia slashes July oil output, OPEC+ extends April cut to 2024

  • By Al Mayadeen English
  • Source: Agencies
  • 4 Jun 2023 22:05
  • 1 Shares
3 Min Read

The Saudi energy minister says that the kingdom's 1 million bpd reduction is just a “lollipop" aiming "to ice the cake.” 

  • x
  • Saudi Arabia slashes July oil output, OPEC+ extends April cut to 2024
    A 3D printed oil pump jack is seen in front of a displayed Opec logo in this illustration picture, April 14, 2020 (Reuters)

Members of the OPEC+ group agreed on Sunday to cut oil outputs to 40.463 million barrels per day throughout 2024, the group said in a statement after a meeting in Vienna.

"The Participating Countries decided to… [a]djust the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the [Declaration of Cooperation] to 40.46 mb/d, starting 1 January 2024 until 31 December 2024," the group said joint statement.  

Reiterating previous commitment to make decisions that seem fit for the oil market, the world's largest oil powers said that OPEC and non-OPEC members aim to "achieve and sustain a stable oil market, and to provide long-term guidance for the market," that is "in line with the successful approach of being precautious, proactive, and pre-emptive, which has been consistently adopted," by the group.

Read more: Oil overshadows dollar in light of market turbulence

Saudi Arabia announced a one million BDP production cut, while Saudi Energy Minister Prince Abdulaziz bin Salman noted that the slash in output would be for July but "can be extended".

“This is a grand day for us, because the quality of the agreement is unprecedented,” he told reporters, adding that the revised production targets are “much more transparent and much more fair.”

The Saudi reduction is a “lollipop,” the energy minister said, “We wanted to ice the cake.” 

Related News

Turkey to supply natural gas to Syria after grid connection

Algeria to boost oil production as part of OPEC+ output hike

The group “will do whatever is necessary to bring stability to this market," he concluded.

According to Suhail Mohamed Al Mazrouei, the energy minister, the United Arab Emirates will continue to lower its oil production by 144,000 barrels per day voluntarily through the end of 2024.

Meanwhile, Russia adopted a 650,000 bpd reduction in output, down to 9.828 million barrels, starting January 2024, while lowering the current target, along with both Nigeria and Angola.

"This level was the required production level for the month of February 2023, as assessed by the average of the secondary sources, and is subject to revision by June 2023 as the country [Russia] is currently working with the secondary sources to update production figures," the statement read.  

The 36th OPEC and non-OPEC Ministerial Meeting will take place in Vienna on Sunday 26 November 2023.

Read more: OPEC to welcome Iran’s return to oil market when sanctions lifted

Hit the mark

Washington has been planning on replenishing the US Strategic Petroleum Reserve SPR while aiming at lower oil prices during this year if it is "advantageous to taxpayers," US Energy Secretary Jennifer Granholm stated in April.

Biden's administration planned on refilling the reserves when oil prices were between $67-$72 a barrel, which was reached back in March, but as soon as the mark hit the desired price, OPEC+ announced a surprise further production cut, sending prices $5 higher per barrel.

The expected cut comes just after WTI crude oil fell $72 in May, which raised concerns in Washington of further output cuts that would prevent the United States from refilling its SPR within its targeted prices.

  • OPEC
  • Russia
  • US
  • unit
  • Oil
  • OPEC+
  • Oil prices
  • Saudi Arabia
  • SPR

Most Read

The damaged building in the Katara neighborhood, Doha, Qatar, September 9, 2025 (Social media)

Hamas delegation survives Israeli assassination attempt in Qatar

  • Politics
  • 9 Sep 2025
Israeli police and rescue teams respond at the scene of a shooting attack where several people killed and injured in Jerusalem, Monday, Sept. 8, 2025 (AP)

Al-Quds shooting: 7 settlers killed, several critically injured

  • Politics
  • 8 Sep 2025
Pro-"Israel" conservative Charlie Kirk shot during Utah speech

Pro-'Israel' far-right Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Elon Musk attends a news conference with President Donald Trump in the Oval Office of the White House, Friday, May 30, 2025, in Washington (AP)
Politics

Elon Musk calls for dissolving UK parliament at London far-right rally

Israeli media: US betrayed Qatar, gave green light for attack on Hamas
Politics

Israeli media: US betrayed Qatar, gave green light for attack on Hamas

Leaked memo shows Trump eyeing Louisiana National Guard plan
Politics

Leaked memo shows Trump eyeing Louisiana National Guard plan

Mamdani vows to arrest Netanyahu if elected New York mayor
Politics

Mamdani vows to arrest Netanyahu if elected New York mayor

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS