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Saudi Arabia says it will cut oil production by an additional 1 million barrels per day

Oil prices jumped to their highs of the day after Saudi Arabia said it will cut production further in an effort to support global oil markets.

Beginning on June 1 the Kingdom will cut output by an additional 1 million bpd, which combined with the cuts agreed to by OPEC and its oil-producing allies, brings Saudi Arabia’s total cut to roughly 4.8 million bpd below its April record production level. Production for June will now be 7.492 million bpd.

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