Saudi Arabia's Ministry of Energy official stated that the Kingdom of Saudi Arabia will implement a voluntary cut of 500 thousand barrels per day from May till the end of 2023 in coordination with some other OPEC and non-OPEC Participating Countries in the Declaration of Cooperation.
This voluntary cut is in addition to the reduction in production agreed at the 33rd OPEC and non-OPEC Ministerial Meeting on October 5, 2022, reported Saudi Pews Agency (SPA).
The Saudi Ministry of Energy official emphasized that this is a precautionary measure aimed at supporting the stability of the oil market.
Member states of the OPEC Plus agreed, on the fifth of October 2022, to collectively reduce production by two million barrels per day, from November of the same year until the end of 2023.
The OPEC Plus include 23 countries, the 13 members of the Organization of the Petroleum Exporting Countries (OPEC), along with 10 other producing countries.
Source: Qatar News Agency