Saudi Arabia to cut oil output by another 1 million barrels a day

Saudi Arabia said on Monday that it had asked oil giant Aramco to cut its output by an additional 1 million barrels per day (bpd) starting in June to support prices that have crashed amid slumping demand.The move will reduce the production of the world’s biggest crude exporter to 7.5 million bpd, the energy ministry said in a statement cited by the official Saudi Press Agency.Neighbouring Kuwait’s Oil Minister Khaled al-Fadhel said separately that his country would cut an additional 80,000 bpd…

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