June 10 , 2023
- 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.