The kingdom’s steepest drop in production since 2011 would tighten Western markets, the news agency has predicted Saudi Arabia could slash oil exports to the US in July, which would result in the tightening of Western markets, Bloomberg reported on Monday. The kingdom is set to unilaterally reduce its crude production next month by 1 million barrels per day (bpd), which equates to a 10% drop. The move would slash the country’s total output to 9 million barrels a day, its lowest level since 2011. After the production cut, Riyadh would have less than 6 million barrels for export, according to Bloomberg estimat
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