Saudi Arabia is cutting its oil output and is asking other producers for restraint in production, according to officials in the group, as signs of slowing global demand for crude outweigh threats of war and worries about supply disruptions in the Middle East.
The oil group’s de facto leader has already deepened its own output cuts this month, according to OPEC officials. The kingdom is preparing to amass support for a continuation of OPEC’s official reduction target of a 1.2 million barrels a day in the second half of the year ahead of an upcoming meeting of the Organization
The oil group’s de facto leader has already deepened its own output cuts this month, according to OPEC officials. The kingdom is preparing to amass support for a continuation of OPEC’s official reduction target of a 1.2 million barrels a day in the second half of the year ahead of an upcoming meeting of the Organization