OPEC+ Struggles with Production Quotas and New Cuts in Talks.

Saudi Arabia will cut its oil output to 9 million barrels per day in July, down from around 10 million bpd in May, as part of a broader OPEC+ deal to limit supply into 2024. OPEC+ has agreed to extend cuts of 3.66 million bpd until the end of 2024, and reduce overall production targets from January 2024 by a further 1.4 million bpd versus current targets to a combined 40.46 million bpd. The move is aimed at boosting flagging oil prices, which have been under pressure from concerns about the weakness of the global economy and its impact on demand.