Saudi Arabia to cut oil output by 1 million bpd in July

Amid a looming supply glut and declining oil prices, Saudi Arabia and several other OPEC+ producers announced they would cut production even more, a move that could worsen inflation in the US.

The kingdom announced on Sunday that the country’s output would drop by a million barrels per day (bpd), to 9 million bpd in July from around 10 million bpd in May.

Saudi Arabia says the cuts will last at least a month and could be extended. Oil production cuts announced by the OPEC+ countries in April will also be extended through the end of 2024.

The OPEC+ countries produce 40% of the world's crude oil.