The Saudi Ministry clarified that the decision is a precautionary measure aimed at supporting the stability of the global oil market….reports Asian Lite News
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.
Iraq to cut oil output by 211,000 bpd
Iraq will voluntarily cut oil production by 211,000 barrels per day (bpd) from May until the end of this year, the country’s Oil Ministry said in a statement.
The move is a “precautionary measure” taken in coordination with some countries of OPEC+, the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, to stabilise the global oil market, it added on Sunday.
Ministry data show that Iraq is producing more than 4.5 million bpd, Xinhua news agency reported.
Oil prices have risen since the outbreak of the Russia-Ukraine war in February last year, benefiting oil-exporting countries, including Iraq. However, oil prices declined in the past few months due to fears of lower demand in global markets.
Iraq’s economy relies heavily on crude oil exports, which account for more than 90 per cent of the its revenue.