Photo: Getty Images Go compared with April, the decline in production by Saudi Arabia will amount to 4.8 million b/d
The goal of Saudi Arabia is to provide additional reductions to stabilize the world oil market.
The Ministry of energy of Saudi Arabia has ordered the state company Saudi Aramco to reduce the oil production in June by another 1 million barrels per day in addition to the country’s obligations under OPEC deals+. On it informs Agency SPA on Monday, may 11.
It is noted that compared with April, the decline in production by Saudi Arabia will amount to 4.8 million b/d. In absolute terms, the country will produce in June 7,492 million b/d.
In addition, Saudi Aramco requested to seek opportunities to reduce oil production in may, below the level of 8,492 million b/d in agreement with the customers.
The representative of the Ministry of energy said that the purpose of the Kingdom, through additional reductions to encourage other producer countries to implement the commitments and provide additional reductions to stabilize the world oil market.
It also became known that the UAE and Kuwait in June will reduce oil production, respectively 100 thousand and 80 thousand barrels per day, in addition to its obligations under the transaction OPEC+. This was announced by the Ministers of petroleum of both countries Suhail al-mazrouei and Khalid al-Fadil.
Thus, the UAE and Kuwait supported the efforts of Saudi Arabia balancing the market.
Recall that Saudi Arabia did not wait for may 1 and began to cut the level of oil production before the entry into force of the transaction OPEC+.
Overall OPEC+ is supposed to cut production to 9.7 million barrels per day. The quota of Saudi Arabia was 2.5 million barrels.
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