Oil production reduction

Saudi Arabian News Agency reported on the 5th, citing the Saudi Ministry of Energy, that Saudi Arabia will extend the voluntary reduction of 1 million barrels of oil per day starting from July until the end of December.


According to reports, after the extension of production reduction measures, Saudi Arabia’s daily oil production from October to December will be around 9 million barrels. At the same time, Saudi Arabia will conduct a monthly evaluation of this production reduction measure to decide whether to make adjustments.


The report states that the voluntary production reduction of 1 million barrels is an additional reduction in production announced by Saudi Arabia in April, aimed at supporting the “preventive efforts” of OPEC+countries composed of OPEC member states and non OPEC oil producing countries to maintain stability and balance in the international oil market.


On April 2nd, Saudi Arabia announced a daily reduction of 500000 barrels of oil production starting from May. On June 4th, Saudi Arabia announced after the 35th OPEC+ministerial meeting that it would reduce daily production by an additional 1 million barrels for a month in July. Afterwards, Saudi Arabia extended this additional production reduction measure twice until the end of September.

Post time: Sep-06-2023