Saudi Arabia will implement a voluntary cut of 500 thousand barrels per day from May till the end of 2023

SPA — Ministry of Energy official stated that the Kingdom of Saudi Arabia will implement a voluntary cut of 500 thousand barrels per day from May till the end of 2023 in coordination with some other OPEC and non-OPEC Participating Countries in the Declaration of Cooperation.

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