Saudi Ministry of Energy: The Kingdom will implement an ‎additional voluntary oil production cut by 1.5 mln bpd

An official source in the Ministry of Energy in the Kingdom of Saudi Arabia announced that, in addition to what was agreed upon in the OPEC Plus meeting today, June 4, 2023, for the level of production required for each country for the year 2024 AD, and what the OPEC Plus countries that had previously announced in April have done. Voluntary reductions until the end of 2023 AD And it extended its voluntary cuts until the end of 2024 AD, the Kingdom will implement an additional voluntary reduction in its crude oil production, amounting to one million barrels per day, starting in July for a month that can be extended, so that the Kingdom’s production becomes 9 million barrels per day, and the total The Kingdom’s voluntary reduction of 1.5 million barrels per day

The source explained that the Kingdom’s additional voluntary reduction comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets.