Oil dips slightly as rally sparked by surprise Saudi output cut fades

On June 6, according to media reports, international oil prices fell slightly on Tuesday morning after OPEC announced that it would extend production cuts until the end of 2024 and Saudi Arabia unexpectedly announced that it would cut production by 1 million barrels per day in July.

The cuts come on top of a broader OPEC pact to curb supply until the end of 2024.

However, many of the output cuts announced after Sunday’s OPEC meeting in Vienna may not have a real impact, as the group lowered crude output targets from Russia, Nigeria and Angola to bring them in line with current actual production levels.