Saudi Arabia will voluntarily reduce oil production by 500,000 barrels a day from May until the end of this year. Reported by the kingdom’s government agency. SPA.
“A Ministry of Energy spokesperson said that the Kingdom of Saudi Arabia will implement voluntary production cuts of 500,000 barrels per day from May to the end of 2023, in coordination with several other OPEC and non-OPEC countries participating in the declaration of cooperation (OPEC + agreement). ). . – “socialbites.ca”)”, – it is said in the message.
The representative of the ministry also noted that the relevant decision is a preventive measure aimed at maintaining stability in the oil market.
On April 2, Bloomberg reported, citing the experts interviewed, stating that OPEC+ would be the best solution in the current conditions of increasing uncertainty in the market. save oil production quotas
Earlier, Reuters, at the meeting of the OPEC + committee on April 3 won’t endure a proposal to change the current oil production plan. A change in the alliance’s oil production policy so far seems unlikely.
Prior to that, Prince Abdul Aziz bin Salman Al Saud, Saudi Minister of Energy, said that the country’s energy companies will reduce Oil production if Western countries set marginal prices for raw materials from a Middle Eastern country.