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

The Kingdom of Saudi Arabia's flag

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.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Commodity Price

 
Brent Crude Oil
70.01
(0.32) (0.46%)
Nymex
67.03
0.68 1.03%

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2025, Argaam Investment, All Rights Reserved
Call Request