Saudi Arabia's Oil Cuts Could Impact Global Markets.

Saudi Arabia will cut oil production by one million barrels per day in July as part of the OPEC+ deal to combat flagging oil prices and a looming supply glut. The cut could be extended beyond July if needed. OPEC+ has also decided to reduce overall production targets from 2024 by a further total of 1.4 million bpd. However, many of these reductions will not be real as the group lowered the targets for Russia, Nigeria, and Angola to bring them into line with their actual current production levels.