Saudi Arabia has announced a voluntary decrease in oil output of 500K bpd

Saudi Arabia Oil Cut
Source: PIxabay

From May through the end of 2023, Saudi Arabia‘s Energy Ministry has announced a voluntary oil decrease of 500,000 barrels per day.

The production cut is being coordinated with other OPEC and non-OPEC Participating Parties in the Declaration of Cooperation countries, according to a statement issued by the Ministry on Sunday.

It was underlined that the voluntary cut is in addition to the production cut agreed upon at the 33rd OPEC and non-OPEC Ministerial Conference on October 5, 2022, according to Xinhua news agency.

The Ministry stressed that the move is a precautionary step intended to maintain the global oil market’s stability.