Oil producers led by Saudis extended supply cuts amid slack prices

Published June 2, 2024 2:25 AM

By DAVID McHUGH
AP Business Writer

FRANKFURT, Germany (AP) — Saudi Arabia and allied oil producing countries have extended their deep output cuts aimed at supporting slack prices. Oil prices have slumped even in the face of turmoil in the Middle East and the start of the summer travel season. The OPEC+ alliance, made up of members of the producers cartel and allied countries including Russia, decided at an online meeting Sunday to carry 5.8 billion barrels in production cuts into next year. The Saudis need higher oil prices to fund ambitious plans to diversify the country’s economy away from fossil fuel exports. Higher prices would also support Russia in its war against Ukraine.

Article Topic Follows: AP-National

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

KVIA ABC 7 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.