Saudi Arabia announces fresh oil output cut amid recession fears

Riyadh unveiled a new oil output reduction on Sunday after a gathering of major producers focused on supporting prices despite concerns over a potential recession. The meeting involved the 13-member Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and its 10 partners, including Russia, and featured intense negotiations.

Saudi Arabia announced a fresh cut of one million barrels per day (bpd) for July, with the possibility of extension, according to Energy Minister Prince Abdulaziz bin Salman. This followed the OPEC+ meeting at the group’s headquarters in Vienna. Analysts had anticipated that OPEC+ producers would maintain their existing policy, but indications…