Saudi Arabia Along With Other OPEC+ Countries Has Decided To Reduce Oil Outputs This Year

As reported by the Saudi Press Agency, the Kingdom is one of the many other countries that have decided to cut back oil barrels for the year.

Saudi has decided to cut back and produce 500,000 barrels per day until the end of 2023

Saudi Arabia will implement a voluntary cut of 500 thousand barrels per day from May till the end of 2023 as precautionary measure aimed at supporting the stability of the oil market.https://t.co/hGQg5BYe3i#SPAGOV pic.twitter.com/ytF3krPCqh

— SPAENG (@Spa_Eng) April 2, 2023

Effective in May, the Kingdom has significantly cut back on its oil production, which was initially 11.5 million back in 2022. The Saudi Energy Ministry officially stated that the Kingdom’s voluntary cut was a precautionary measure to help stabilize the oil market.

Russia, UAE, Oman, and other nations have also decided to follow with a cut back

OPEC+ has made a surprise ~1.1 million barrels per day oil production cut as of next month.

Image below for cut: pic.twitter.com/WkwKhxncKG

— unusual_whales (@unusual_whales) April 2, 2023

Russia’s deputy prime minister announced that the capital will also follow Saudi with a voluntary cut of 500,000 barrels per day, until the end of 2023. UAE said it would cut back to 140,000 bpd, Kuwait a 128,000 bpd cut, Oman a 40,000, Iraq a 211,000, and Algeria a 48,000 bpd cut.

The end of year number will total to more than 1 million barrels per day, which is the biggest reduction from 2 million barrels per day back in October 2022