This will bring the total production cut to 4.8 mil bpd from April levels
The Saudi energy ministry says that with this move, it is aiming to encourage other OPEC+ participants and other global producers to comply with the agreed output cuts. Adding that the additional 1 mil bpd of voluntary cuts is to support stability of the oil market.
This will bring the kingdom’s total production volume for June to 7.492 mil bpd.
Update: WTI crude now up 2% to $ 25.30.