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BREAKING
The Mujahideen Movement: The two were killed along with dozens of others from their family in a cowardly Zionist assassination that targeted the Sabra neighborhood today
The Palestinian Mujahideen Movement mourns the martyrdom of its Secretary-General, Asaad Attiya Abu Sharia "Abu Al-Sheikh", along with his brother Ahmad
Abu Zaid: I believe that the Iranian operation was multi-layered, combining cyber and electronic attacks with coordinated on-the-ground infiltrations by agents
Abu Zaid: Usually, archives of such sensitivity are typically protected by a full-scale security system, but it appears that Iranian intelligence managed to make use of a gap in it
Strategic military expert Nidal Abu Zaid: Iran has stripped "Israel" of the superiority and deterrence long boasted by its security minister, chief of staff, and other top officials
Fallahpour: Iran may use these documents in its battle with the United States and Western countries over its nuclear program
Fallahpour: Iran may have obtained additional documents related to "Israel's" regional projects, not just its nuclear program
Fallahpour: The coming weeks will be full of surprises, as Iran has forced Israeli intelligence agencies into a state of psychological exhaustion
Al Mayadeen's correspondent in Tehran, Siavash Fallahpour: Iran has redefined the concept of deterrence, shifting it away from traditional military balance toward a new strategic framework
Sources to Al Mayadeen: Number of documents so great that merely studying them, along with accompanying images and footage will require a great deal of time.

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.” 

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  • 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.” 

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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
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  • Oil
  • OPEC+
  • Oil prices
  • Saudi Arabia
  • SPR

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