Saudi Arabia to cut oil production by 573,000 barrels/day from Nov

Riyadh: Abiding by the decision of the Organisation of Petroleum Exporting Countries (OPEC), Saudi Arabia has decided to reduce oil production by 573,000 barrels per day.

OPEC+ recently decided to cut down oil production by two million bpd from November. This is being done to maintain the oil market stability. This will be the biggest cut since the beginning of the COVID-19 pandemic in 2020.

With the cut in output, the share of each of Saudi Arabia and Russia in the production of oil would reach 10.478 million bpd. In April 2021, the kingdom raised its oil production for a period of 16 consecutive months.

The oil production in April 2021 stood at 8.134 million bpd while its oil production in August this year reached about 11.051 million bpd, an increase of 35.86 percent in 16 months. This was equivalent to raising its oil production by about 2.917 million bpd all through this period, reported the Saudi Gazette.