• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 15 hours "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 2 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 6 hours Wind droughts
  • 5 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 1 day Xi Is Set To Be Re-Elected As China’s Leader
  • 9 days Oil Prices Fall After Fed Raises Rates
  • 4 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 2 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 5 hours Australian power prices go insane
  • 11 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 hours Europeans and Americans are beginning to see the results of depending on renewables.
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Saudi Arabia Urges OPEC+ To Cut Oil Output Even Further

Saudi Arabia has urged its fellow OPEC members and their partners outside the cartel to cut deeper into their oil production to speed up the rebalancing of oil markets, Reuters reports, citing the Saudi Press Agency.

“The Kingdom of Saudi Arabia’s initiatives aim at urging the countries participating in the OPEC+ agreement and other producing countries to adhere to the cut rates and to provide more reduction in production in order to contribute to restoring the desired balance of the global oil markets,” a government statement read.

The Kingdom earlier announced it would deepen its own cut quota by as much as 1 million bpd to 7.5 million bpd to prop up depressingly low prices that have already cost Aramco 25 percent of its first-quarter profits, in combination with the effects of the coronavirus pandemic.

With plunging oil revenues, the Saudi government has had to resort to some unpopular measures such as a threefold increase in value-added tax, a suspension of the cost of living allowance it introduced in 2018 and reducing public spending by more than $26 billion.

The price of a barrel of Brent crude fell by 65.6 percent over the first quarter, under the combined pressure of rising production, notably from Saudi Arabia as well as its OPEC+ frenemy Russia, and the coronavirus pandemic, which took a solid bite out of global oil demand. As a result, Saudi Arabia found itself with millions of barrels of temporarily unsellable oil.

In April, OPEC+ agreed to reduce their combined output of crude by 9.7 million bpd, beginning this month. However, the size of the cut turned out to be too low for oil markets, and the news did not have a lasting effect on prices, while the downward trend intensified as the pandemic crushed oil demand globally.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Meir G on May 17 2020 said:
    Why they publish it a day before June contracts ends?Fear of negative price again?
    They have no intention to cut further.it is all fake news to cause investors not to dump the contracts at the end..

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News