KSA to implement additional reduction in crude oil production

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Sharjah 24 – SPA: An official source at the Ministry of Energy in the Kingdom of Saudi Arabia announced that the Kingdom will implement an additional voluntary reduction in its production of crude oil, amounting to one million barrels per day, starting in July for a period of one month that can be extended to become the Kingdom’s production 9 million barrels per day, and the total voluntary reduction of the Kingdom will be 1.5 million barrels per day.

This is to what was agreed upon in the OPEC Plus meeting today, June 4, 2023, the level of production required for each country for the year 2024, and what the OPEC countries have done Plus, which previously announced in April voluntary cuts until the end of 2023 and extended its voluntary cuts until the end of 2024,

The source explained that the Kingdom's additional voluntary reduction comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets.

KSA to implement additional reduction in crude oil production

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