Saudi July production to drop to 9 mln bpd
OPEC extends cuts into 2024
Russian, Nigerian, Angolan targets brought in line with output
UAE allowed to raise production in 2024

VIENNA, June 4 Reuters Saudi Arabia will make a deep cut to its output in July on top of a broader OPEC deal to limit supply into 2024 as the group seeks to boost flagging oil prices.

Saudi39;s energy ministry said the country39;s output would drop to 9 million barrels per day bpd in July from around 10 million bpd in May, the biggest reduction in years.

This is a Saudi lollipop, Saudi Energy Minister Prince Abdulaziz told a news conference. We wanted to ice the cake. We always want to add suspense. We don39;t want people to try to predict what we do… This market needs stabilisation.

OPEC, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40 of the world39;s crude, meaning its policy decisions can have a major impact on oil prices.

A surprise decision to cut supply in April briefly sent international benchmark Brent crude around 9 higher, but prices have since retreated under pressure from concerns about the weakness of the global economy and its impact on demand.

On Friday, Brent ended trade for the week at 76.

Saudi Arabia is the only member of OPEC with sufficient spare capacity and storage to be able to easily reduce and increase output.

It was able to respond rapidly to excess supply that weakened the market in the early stages…