{"id":1943920,"date":"2023-06-04T15:19:02","date_gmt":"2023-06-04T19:19:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/saudis-announce-additional-oil-production-cuts-following-opec-meeting\/"},"modified":"2023-06-04T15:20:44","modified_gmt":"2023-06-04T19:20:44","slug":"saudis-announce-additional-oil-production-cuts-following-opec-meeting","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/saudis-announce-additional-oil-production-cuts-following-opec-meeting\/","title":{"rendered":"Saudi Arabia to cut more oil production after OPEC+ meeting."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsaudis-announce-additional-oil-production-cuts-following-opec-meeting%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1943920&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>OPEC+ Commits to Higher Oil Prices with Additional Output Cuts<\/h2>\n<div class=\"post_content\">\n<div class=\"aplayer_app\" data-source=\"https:\/\/vs1.youmaker.com\/assets\/2023\/0604\/e8f45734-e00f-4bc8-bbb3-4270a6edf0ba\/audio.mp3?length=2411181&#038;duration=201\"><\/div>\n<p>The Organization of the Petroleum Exporting Countries (OPEC) and its partners, known as OPEC+, showed their commitment to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/average-u-s-gas-price-3-44-a-gallon-the-highest-since-2014\/\" title=\"Average U.S. gas price .44 a gallon, the highest since 2014\">higher oil prices<\/a> in their meeting on June 4, with Saudi Arabia announcing <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/saudis-announce-additional-oil-production-cuts-following-opec-meeting\/\" title=\"Saudi Arabia to cut more oil production after OPEC+ meeting.\">additional output cuts<\/a> and some other members extending their voluntary cuts until the end of 2024.<\/p>\n<blockquote>\n<p>\u201cFollowing their meeting in Vienna, OPEC+ members extended their voluntary supply cuts until the end of 2024, which were first announced in April and were supposed to expire at the end of 2023,\u201d<\/p>\n<footer><cite><a href=\"https:\/\/www.spa.gov.sa\/en\/ee2cec2d63c\">Saudi Press Agency<\/a><\/cite><\/footer>\n<\/blockquote>\n<p>In addition, the Saudi Arabian Ministry of Energy has announced that beginning in July, the country will implement a further voluntary cut in its crude production, amounting to one million barrels per day (bpd). This additional oil cut can be prolonged beyond July, the news agency reported. As a result, Saudi Arabia\u2019s output will be reduced to 9 million bpd in July, and its total voluntary cut will be 1.5 million bpd.<\/p>\n<h3>Tensions Rise Between Saudi Arabia and Russia<\/h3>\n<p>The decision comes after the OPEC+ crude oil producers announced surprise additional production cuts of about 1.16 million barrels per day (bpd) in April. However, tensions are rising between Saudi Arabia and Russia, two of the world\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-traders-eye-200-barrel-this-month\/\" title=\"Oil Traders Eye 0\/Barrel This Month\">largest oil producers<\/a>, over output limits, according to a report from the <a href=\"https:\/\/www.wsj.com\/articles\/saudi-arabia-russia-ties-under-strain-over-oil-production-cuts-50566e9c?mod=article_inline\">Wall Street Journal<\/a>. The report stated that Russia continues to push massive amounts of cheaper oil into the market, undercutting Saudi Arabia\u2019s efforts to raise oil prices.<\/p>\n<h3>Impact on U.S. Consumers<\/h3>\n<p>OPEC+, composed of 23 oil-producing countries, produced about <a href=\"https:\/\/www.eia.gov\/todayinenergy\/detail.php?id=56420#:~:text=Note%3A%20OPEC%20oil%20totals%20are,%2C%20Saudi%20Arabia%2C%20and%20Venezuela.\">60 percent<\/a> of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/that-is-hilarious-energy-secretary-cackles-when-asked-about-rising-gasoline-prices\/\" title=\"\u2018That Is Hilarious\u2019: Energy Secretary Cackles When Asked About Rising Gasoline Prices\">global oil production<\/a> in 2022. These production cuts have been a major source of concern for the Biden administration, since they may eventually harm U.S. consumers by increasing inflationary pressures, particularly.<\/p>\n<h3>Summary<\/h3>\n<ul>\n<li>OPEC+ extends voluntary supply cuts until the end of 2024<\/li>\n<li>Saudi Arabia announces additional output cuts, reducing output to 9 million bpd in July<\/li>\n<li>Tensions rise between Saudi Arabia and Russia over output limits<\/li>\n<li>Production cuts may eventually harm U.S. consumers by increasing inflationary pressures<\/li>\n<\/ul>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>voluntary output cuts until 2024, with Saudi Arabia announcing additional cuts, demonstrating their commitment to higher oil prices.<\/p>\n","protected":false},"author":531,"featured_media":1943921,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[5364,9677,4470,7393,23480,4757,6259],"class_list":["post-1943920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-arabia","tag-cut","tag-meeting","tag-oil","tag-opec","tag-production","tag-saudi"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1943920","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/531"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1943920"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1943920\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1943921"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1943920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1943920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1943920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}