Saudi Arabia announces largest oil production cut in over a decade to stabilize prices amid demand concerns

Saudi Arabia will cut oil output by 1 million barrels per day in July to support oil market stability and balance.
The cut is an attempt to prop up oil prices in response to global economic uncertainty and concerns about international demand.
The cuts are in addition to existing OPEC+ production cuts extended through 2024, reducing over 1 million barrels of crude oil per day from the world market.
The additional cuts are expected to tighten the market and lead to higher oil prices in the short term, but demand-side uncertainty remains.
The decision comes amid conflicting pressures as it could support prices but risks complicating trade for the world’s No. 3 oil producer if prices exceed $60 per barrel.