DUBAI/LONDON/MOSCOW: Saudi Arabia will boost output in July to match its output Opec quota while ending deeper, voluntary cuts amid signs of global demand recovering, the Saudi energy minister said on Monday.
Opec, Russia and other producers agreed on Saturday to extend record output cuts of 9.7 million barrels per day (bpd) into July, curbing global supply by almost 10 per cent amid a steep slump in demand due to the coronavirus pandemic.
For June, Saudi Arabia, Kuwait and the United Arab Emirates (UAE) had pledged to cut by 1.18 million bpd on top of that, with Riyadh forfeiting 1 million bpd.
