Riyadh: Saudi Arabia will voluntarily cut its oil output by 500,000 barrels per day, starting May through the end of 2023, in coordination with other OPEC+ countries and on top of the reduction agreed on in October 2022, the country’s energy ministry said on Sunday.
“The Kingdom of Saudi Arabia will implement a voluntary cut of 500 thousand barrels per day from May till the end of 2023 in coordination with some other OPEC and non-OPEC Participating Countries in the Declaration of Cooperation,” the ministry’s statement read.
This voluntary reduction comes on top of the production cut agreed on in October 2022, the ministry said, adding that it is “a precautionary measure aimed at supporting the stability of the oil market.”
Russia extends voluntary oil production cuts until end of 2023
Russia has decided to extend voluntary oil production cuts of 500,000 barrels per day until the end of 2023, Russian Deputy Prime Minister Alexander Novak said on Sunday.
“As a responsible and preventive action, Russia is implementing a voluntary cut of 500,000 barrels per day until the end of 2023 from the average production level of February, determined in accordance with independent sources,” Novak said in a statement, published by the Russian government.
Russia initially announced production cuts only for March, but later extended the initiative until the end of June.
