The Saudi energy minister said on Sunday that effective oil supply cuts by OPEC and its allies, a group known as OPEC+, will amount to 12.5 million barrels per day, because of higher output in April from Saudi Arabia, the United Arab Emirates and Kuwait.

In other news, Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has accumulated stakes in four major European oil companies, a source familiar with the transaction said. The four are Royal Dutch Shell, France’s Total, Norway’s Equinor and Italy’s Eni, the source said, confirming a Wall Street Journal report.

To read about this and more of the week’s news from the Kingdom, click here.

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