Today, the Saudi Ministry of Energy announced that Saudi Arabia will implement a voluntary reduction in its crude oil production, amounting to 500,000 barrels per day, starting from next May until the end of 2023 AD, in coordination with a number of countries participating in the Declaration of Cooperation from OPEC members and from outside. . An official source at the ministry stated, in a statement broadcast by the Saudi Press Agency, that this voluntary production cut is in addition to the production cut agreed upon at the thirty-third ministerial meeting of OPEC member states and non-OPEC producers (OPEC Plus), which was held on October 5, 2022. The source confirmed that this step is a precautionary measure aimed at supporting the stability of oil markets.
For his part, Kuwaiti Deputy Prime Minister and Minister of Oil Dr. Badr Al-Mulla announced today that his country will voluntarily reduce its oil production by 128,000 barrels per day, starting from next May until the end of 2023, in coordination with some of the countries participating in the (OPEC Plus) agreement. Al-Mulla confirmed, in a statement quoted by a press statement issued by the Kuwaiti Ministry of Oil, that this voluntary cut is a precautionary measure that takes place in addition to the production cut agreed upon at the 33rd ministerial meeting of (OPEC Plus) on October 5, 2022. It is noteworthy that the member states of the / OPEC Plus / has agreed, on the fifth of October 2022, to collectively reduce production by two million barrels per day, from November of the same year until the end of 2023. The OPEC Plus alliance includes 23 countries, including the 13 members of the Organization of the Petroleum Exporting Countries (OPEC), along with 10 other producing countries.
