Saudi Arabia leads OPEC+ alliance in aggressive, ‘precautionary’ oil cut

Saudi Arabia will slash its crude output by an extra 1 million b/d for at least July on top of its existing production cuts, energy minister Prince Abdulaziz bin Salman announced June 4 in a deal with OPEC+ counterparts, under the kingdom’s latest aggressive bid to reverse a tide of bearish trade sentiment and tighten the oil market. With other…