Saudi Arabia to cut oil output by additional 1 mln bpd in February, March

05/01/2021 Argaam

Minister of Energy Prince Abdulaziz Bin Salman

Saudi Arabia offered voluntary cuts to its oil production by additional 1 million barrels/daily (bpd) in February and March, said Minister of Energy Prince Abdulaziz Bin Salman.

 

Prince Abdulaziz added during the OPEC+ meeting held today that the Kingdom’s output will reach 8.125 million bpd starting February, affirming that this will support oil market and industry.

 

The OPEC+ agreed to raise oil production by 75,000 bpd in February and another 75,000 bpd in March.

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