Saudi Arabia voluntarily reduces oil production

By Alimat Aliyeva

Saudi Arabia has announced that it has voluntarily reduced daily oil production by one million barrels in order to maintain the stability of oil markets, Azernews reports, citing foreign media outlets.

According to a report by the Saudi Arabian Ministry of Energy, the production cut was agreed with some members of the Organization of Petroleum Exporting Countries (OPEC) and its allies, including the group known as OPEC+.

The ministry said that by the end of June 2024, the kingdom will produce about nine million barrels of oil per day.

The production cut is in addition to the 500,000 barrels per day reduction that Saudi Arabia announced in April 2023, and will continue until the end of December 2024.