TNPSC Thervupettagam

Oil production Cut

June 10 , 2023 108 days 164 0
  • The world’s top oil exporter Saudi Arabia announced further voluntary output cuts which will be implemented from July, 2023.
  • The kingdom’s output will decline to 9 million barrels per day from around 10 million barrels in May.
  • But, the Organization of the Petroleum Exporting Countries and its partners (known as OPEC+) made no changes to its planned oil production cuts for the rest of the year.
  • OPEC+ pumps approximately 40% of the world’s crude and policy decisions can have a significant impact on prices.

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