OPEC Agrees to Saudi Arabia's 1 Million b/d Production Cut

Saudi Arabia has announced an additional voluntary cut of 1 million b/d for the month of July as part of a comprehensive agreement among OPEC-plus member states reached through marathon negotiations in Vienna this weekend. The move comes as negative macroeconomic sentiment continues to weigh on oil prices, ahead of expected market tightening in the second half of the year. The renegotiation of the new baseline levels will see new levels come into effect from 2024.