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Saudi Arabia to take further measures to balance oil price

Saudi Arabia to take further measures to balance oil price
Saudi Arabia to take further measures to balance oil price

Saudis Arabia, along with OPEC+ and other oil-producing countries, is ready to implement further measures to stabilize the oil market, Saudi Arabia's government said at its weekly session.

On April 12, OPEC+ sealed the deal on oil production cuts to 9.7 million barrels in May and June, while in the second quarter of the year to 7,7 million.

In 2022, oil production is set to decrease to 5.8 million.

Mexico will cut oil production to 100,000 barrels in May and June, while the U.S by 300,000 barrels.

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