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.
