Saudi Arabia Likely To Extend Oil Production Cuts ...Middle East

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Saudi Arabia Likely To Extend Oil Production Cuts
source : OILPRICE ( Middle East ) () 29
Saudi Arabia is expected to prolong its voluntary 1 million-barrel oil supply cut into September as it seeks to support the rebound in oil prices. The top OPEC producer introduced the additional cutback this month in a bid to support higher oil prices amid faltering demand. Six participants in a Bloomberg survey have predicted the Saudis will taper off their extra cut by restoring 250,000-500,000 barrels a day of halted production in September.  “There’s ample evidence for Saudi Arabia to start unwinding the cuts in September.…

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