Reuters: Saudi Arabia surprises Russia and OPEC partners
Saudi Arabia's decision to unilaterally cut oil production by a million barrels per day came as a big surprise to the participants of the June 4 OPEC+ meeting.< /p>
According to Reuters, citing a source, Riyadh did not reveal its plans until recently. After OPEC members and Russia agreed to keep oil production caps for 2024, the Saudis announced their decision during a press conference.
Saudi Energy Minister Prince Abdulaziz bin Salman said the oil market needs in stabilization. At the same time, he noted that the country's authorities do not want to look predictable.
Nevertheless, the increase in oil prices after the announcement of the reduction in Saudi Arabia's production turned out to be short-lived. The price of the Brent reference grade failed to overcome the $80 mark.