Saudi Arabia voluntary cuts oil output by 500,000 barrels per day
Saudi Arabia’s Energy Ministry announced on Sunday a voluntary oil output cut of 500,000 barrels per day starting May and until the end of 2023.
The production cut comes in line with some other countries of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC Participating Countries in the Declaration of Cooperation, said the ministry in a statement.
It noted that the voluntary cut is in addition to the reduction in production agreed upon OPEC+ meeting on October 5, 2022.
The Saudi Energy ministry clarified that the decision is a precautionary measure aimed at supporting the stability of the global oil market.
Russia’s deputy prime minister also said Moscow would extend a voluntary cut of 500,000 barrels per day until the end of 2023. The United Arab Emirates, Kuwait, Iraq, Oman and Algeria said they would voluntarily cut output over the same time period.
The UAE said it would cut production by 144,000 barrels per day, Kuwait announced a cut of 128,000 barrels per day while Iraq said it would cut output by 211,000 barrels per day and Oman announced a cut of 40,000 barrels per day. Algeria said it would cut its output by 48,000 barrels per day.
