RIYADH – Saudi Arabia will continue to cut oil production by a million barrels per day. Saudi Arabia has voluntarily decided to cut production by a million barrels per day from July 2023. In the second quarter of the current year, the cuts will be extended in coordination with some countries participating in the OPEC Plus agreement, sources in the energy ministry said. The country’s daily oil production will be around 9 million barrels per day till the end of June 2024, after which the decision will be taken based on market stability and conditions.
The reduction is in addition to a voluntary production cut of 500,000 barrels per day that was announced in April 2023 and will last until the end of December 2024, ministry sources said.
The concession is intended to strengthen precautionary efforts by OPEC Plus countries with the aim of supporting the stability and balance of the oil market.
#Saudi #Arabia #continue #cut #oil #production #million #barrels #day
2024-03-03 16:41:41
