KSA to implement a cut of 500,000 bpd from May till end of 2023

April 02, 2023 / 7:03 PM

Sharjah 24 – SPA: The Saudi Ministry of Energy official stated that the Kingdom 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 emphasised that this is a precautionary measure aimed at supporting the stability of the oil market.