Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, opines that global oil cuts will amount to 19.5 million barrels per day (mmbbl/d) with the OPEC+ cuts and G20 pledges.

The Organization of the Petroleum Exporting Countries' (OPEC) oil output is likely to reach its record in July. Supply from OPEC has risen to 33.41mb/d in July.

OPEC Secretary General, Abdullah al-Badri, has called on all oil-producing countries to cooperate in attempts to tackle oil oversupply and remedy global oil price slide, while allowing new investments to pour into the industry. Al-Badri has blamed non-OPEC countries for the global oil glut.