Saudi Arabia to implement voluntary oil output cut of 500,000 bpd from May to year-end

oil

An official at the Ministry of Energy of Saudi Arabia has announced that the country will implement a voluntary oil output cut of 500,000 bpd from May till the end of 2023, in coordination with some other OPEC and non-OPEC participating countries in the Declaration of Cooperation.

In a statement carried by the Saudi Press Agency (SPA), the Saudi official emphasised that this is a precautionary measure aimed at supporting the stability of the oil market.

This voluntary cut is in addition to the reduction in production agreed upon during the 33rd OPEC and non-OPEC Ministerial Meeting, held on 5th October, 2022.