(Bloomberg) — Saudi Arabia’s extra voluntary oil-production cut, which came on top of the OPEC+ supply curbs, will cease at the end of this month as demand recovers.Crude prices erased gains as Energy Minister Prince Abdulaziz bin Salman said the kingdom’s additional reductions, which amounted to about 1.2 million barrels a day including contributions from its closest allies in the Persian Gulf, will only take effect in June as planned.That means the cartel’s total supply reduction this month of almost 11 million barrels a day will taper gradually in the coming months.“The voluntary cuts served their purpose and we are …read more
Source:: Yahoo Finance
