Saudi Arabia to Cut Oil Supplies to the US and Europe by Half in June
According to him, deliveries to some customers in these regions will be reduced by 60-70%. Saudi company Saudi Aramco also notified three buyers in Asia of a reduction in June shipments. As the agency indicates, the kingdom is taking such measures to reduce the excess of oil on the world market and restore it.
As previously reported, Saudi Arabia on May 11 announced plans to further reduce production in June by another 1 million bpd to its quota. Thus, its production in June will decrease to 7.5 million b/d, and not to 8.5 million b/d, as indicated in the OPEC+ agreement. The example of Saudi Arabia was later followed by other countries such as Kuwait and the UAE.