Saudi Arabia cuts crude oil prices 

Oil prices declined in Asian trading as markets remained cautious on the outlook for global demand growth amid expectations of increased supply. This is reported by Arab News.

Meanwhile, global oil demand growth slowed to an annualised 890,000 barrels per day in the first quarter.

Output at China's refineries in May fell 1.8 per cent year on year as refiners carried out routine maintenance.

Experts predict that oil production in Saudi Arabia in January–September of this year will amount to 8.98 million barrels per day and then gradually increase to 9.23 million barrels per day in December 2024 and 9.98 in October–December 2025.

Photo: iStock