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Saudi energy minister defends voluntary oil cuts as precautionary
Saudi Energy Minister Prince Abdulaziz bin Salman defended the voluntary output cuts announced by some allied oil producers in April, which he noted were first criticized as likely to spike crude prices — then, as failing to support them. On April 3, several producers of the Organization of the Petroleum Exporting Countries and its partners — collectively known as OPEC+ — revealed a combined 1.66 million barrels per day of production declines until the end of this year. This Sunday, they extended these measures through the end of 2024, with Riyadh announcing an additional 1 million-per-day voluntary and ... (full story)