Saudi Arabia to reduce oil production in June
On the morning of Monday (11), a representative of the Ministry of Energy of Saudi Arabia said that the folder determined to Saudi Aramco to reduce oil production in June by 1 million barrels per day, in addition to the supply reductions already agreed under an OPEC+ agree
ment. According to the country's energy minister, the increase was designed to accelerate the drainage of global oversupply and for the oil market to rebalance.
In an interview with Reuters, Prince Abdulaziz bin Salman said the country wants to "anticipate the curve": "We want to speed the process back to normal… Demand is recovering. We want to make sure we're helping to accelerate the balance between supply and demand."
