A London Based Digital Publication Covering Diplomatic & Business Activities Globally

Thursday, June 12, 2025

OPEC, allied nations extend 10 million barrel cut by a month

OPEC and allied nations agreed to extend a production cut of nearly 10 million barrels of oil a day through the end of July, hoping to boost energy prices hard-hit by the coronavirus pandemic.
Ministers of the group and outside nations like Russia met via video conference to adopt the measure, aimed at cutting out the excess production depressing prices as global aviation remains largely grounded due to the pandemic. It represents some 10% of the world’s overall supply.
However, danger still lurks for the market. Algerian Oil Minister Mohamed Arkab, the current OPEC president, warned attendees that the global oil inventory would soar to 1.5 billion barrels by the mid-point of this year.
“Despite the progress to date, we cannot afford to rest on our laurels,” Arkab said. “The challenges we face remain daunting.”
That was a message echoed by Saudi Arabia’s Oil Minister Abdul Aziz bin Salman, who acknowledged “we all have made sacrifices to make it where we are today.” He said he remained shocked by the day in April when US oil futures plunged below zero.

Latest Posts

Latest Posts

Stay in touch

To be updated with all the latest news, offers and special announcements.

RELATED ARTICLES

UK and UAE expand cooperation in Sustainability

Abdulla Balalaa, UAE Assistant Minister of Foreign Affairs

Crown Princes of Dubai and Abu Dhabi Meet for Iftar Dinner

His Highness Sheikh Khaled bin Mohamed bin Zayed Al...

Foreign Minister meets President of Finland

HELSINKI — His Highness Sheikh Abdullah Bin Zayed Deputy...

Mark Carney New Prime Minister of Canada

Former central banker Mark Carney was sworn in as...

Sheikh Abdullah meets HM King Federik of Denmark

Sheikh Abdullah meets HM King Federik of Denmark COPENHAGEN —...

Sarah Mooney Appointed British Consul General in Dubai

Sarah Mooney Appointed British Consul General in Dubai The newly...

Sharjah Ramadan Majlis Highlights Economic Opportunities

Sharjah Ramadan Majlis 2025: Shaping the Future and Empowering...

Keir Starmer Meets President Trump at the White House

Keir Starmer Meets President Trump at the White House In...

British PM Pledges 81% Emissions Cut by 2035 at COP29

Keir Starmer Pledges 81% Emissions Cut by 2035 at...