VIENNA – Riyadh on Sunday announced a fresh oil output cut following a meeting of major producers aiming to prop up prices despite fears of a recession.
The meeting of the 13-member Organization of the Petroleum Exporting Countries (OPEC) headed by Saudi Arabia and its 10 partners, led by Russia, saw some tough negotiations.
Saudi Arabia’s fresh cut of one million barrels per day (bpd) is for July but “extendable”, its Energy Minister Prince Abdulaziz bin Salman told reporters after the hours-long OPEC+ meeting at the group’s headquarters in Vienna.
Analysts had largely expected OPEC+ producers to maintain their current policy, but signs emerged this weekend that the 23 countries…
