Thursday, July 6, 2023 - 09:55

SPECIAL REPORT by PETER TABERNER

The decision by Saudi Arabia alongside many of its fellow members of Opec to cut oil production is another jolt to an already complex world economic picture.
It was a decision taken at the last major Open gathering on 4 June.

Saudi Arabia and the UAE, Iraq, Kuwait, Oman and Algeria all said that they would reduce production in an arrangement to attempt to shore up and reverse a trend of steadily flagging oil prices.
Saudi Arabia is the largest exporter of crude oil, and also announced after the June meeting that it would cut further oil production by an additional one million barrels of oil per day in July.
It is thought that to break even Saudi Arabia need the price of oil per barrel to be at the $80 mark.