Riyadh: Saudi Arabia’s Energy Ministry has announced a voluntary oil cut of 500,000 barrels per day from May till the end of 2023.
The production cut is in coordination with some other countries of the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC Participating Countries in the Declaration of Cooperation, said the Ministry in a statement on Sunday.
It noted that the voluntary cut is in addition to the reduction in production agreed upon at the 33rd OPEC and non-OPEC Ministerial Meeting on October 5, 2022, Xinhua news agency reported.
The Ministry clarified that the decision is a precautionary measure aimed at supporting the stability of the global oil market.
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