Saudi Arabia announces a voluntary oil production cut by ‎‎500,000 barrels per day‎

An official source in the Ministry of Energy in the Kingdom of Saudi Arabia revealed that the Kingdom will implement a voluntary reduction in its crude oil production, amounting to 500 thousand barrels per day, starting from May until the end of 2023 AD, in coordination with a number of countries participating in the declaration of cooperation from members of OPEC and outside it.

The source indicated that this voluntary production reduction is in addition to the production reduction that was agreed upon at the thirty-third ministerial meeting of OPEC member states and producing countries outside it (OPEC Plus), which was held on October 5, 2022 AD.

The official source in the Ministry of Energy confirmed that this step is a precautionary measure aimed at supporting the stability of the oil markets.