Saudi Arabia announces voluntary cut of 500,000 bpd from May

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Saudi Arabia will implement a voluntary cut of 500,000 barrels per day (bpd), starting from May till the end of 2023, in coordination with some other OPEC and non-OPEC member countries under the Declaration of Cooperation, Saudi Press Agency reported, citing an official from the Ministry of Energy. 

 

This voluntary cut is in addition to the reduction in production agreed at the 33rd OPEC and non-OPEC ministerial meeting on October 5, 2022, the official added.
 

He emphasized that this is a precautionary measure aimed at supporting the stability of the oil market.

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