RIYADH: Saudi Arabia said Monday (May 11) it had asked oil giant Aramco to cut an additional one million barrels per day from June, to support ...
RIYADH: Saudi Arabia said Monday it had asked oil giant Aramco to cut an additional one million barrels per day from June, to support prices that have crashed during the coronavirus crisis.
"Kuwait supports the efforts of Saudi Arabia to restore balance to the oil market," Fadhel said in a statement on Kuwait News Agency. Under the deal, Saudi Arabia's daily production was cut to 8.5 million bpd, the lowest in more than a decade."The kingdom aims from this additional cut to stimulate countries in the OPEC+ and other producing nations to comply with committed production cuts and make additional reductions in a bid to support the stability of the global oil market," the energy ministry said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi Arabia triples VAT, halts government handouts in austerity driveSaudi Arabia's finance minister on Monday said the kingdom will triple its Value Added Tax (VAT) and halt monthly handout payments to citizens in ...
Read more »
Saudi Aramco seeking to review price of SABIC dealDUBAI: Saudi Aramco is looking to restructure its deal to acquire a controlling stake in petrochemicals manufacturer SABIC after a more than 40 ...
Read more »
Exclusive: Saudi Aramco seeking to review price of SABIC deal - sourcesSaudi Aramco is looking to restructure its deal to acquire a controlling stake in petrochemicals maker SABIC after a more than 40per cent drop in ...
Read more »
Oil prices fall 1per cent as glut weighsOil prices opened about 1per cent lower on Sunday as a persistent glut continued to weigh on prices and the coronavirus pandemic eroded global oil ...
Read more »
Oil prices fall 1% as glut weighs, COVID-19 erodes global demandNEW YORK: Oil prices opened about one per cent lower on Sunday (May 10) as a persistent glut continued to weigh on prices and COVID-19 eroded ...
Read more »
22 injured in Indonesian oil tanker fireAt least 22 people were injured when a crude oil tanker burst into flames at one of Indonesia's busiest ports Monday with rescuers scrambling to ...
Read more »