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Saudis plan new unilateral output cut: OPEC+ delegates
Saudi Arabia is planning to commit to another "voluntary" cut to its crude production, this time a unilateral reduction, according to delegates at today's Opec+ meeting in Vienna. The size and timing of the new Saudi cut are not clear. Riyadh is already producing below its formal quota, after joining seven other Opec+ countries in April in announcing a combined voluntary cut of 1.16mn b/d from May to the end of the year. Saudi Arabia's share of that cut is 500,000 b/d, matching an earlier commitment by Russia to lower its production by 500,000 b/d from March. Formal output targets for all 19 Opec+ countries with ... (full story)