Saudi Arabia reduces oil production to stabilize prices.

Saudi Arabia has announced that it will cut oil production by 1 million barrels per day in July to support the stability and balance of oil markets, amid global economic uncertainty and concerns over international demand. The decision was made unilaterally and will last at least a month, with the possibility of extension. OPEC+ countries also agreed to extend oil production cuts through the end of 2024, reducing the amount of crude they pump into the world market by more than 1 million barrels per day.