Oil & Gas

14 May 2020

Saudi Arabia Announces Additional Voluntary Reduction of Crude Oil Production

14 May 2020  by SPA   
Saudi newspapers highlighted in their editorials today a number of issues at local, regional, and international arenas.

Al-Riyadh, Al-Yaum, and Al-Bilad newspapers said in their editorials that the Kingdom of Saudi Arabia continues its unremitting efforts aimed at restoring the stability of the international petroleum market, after the negative repercussions in the prices and the global demand due to the impacts of Coronavirus (COVID-19) pandemic.

The papers pointed to the Ministry of Energy directive to reduce the Saudi Aramco’s production of crude oil for next June by one million barrels per day as a voluntary additional amount, to be the size of the reduction that the Kingdom of Saudi Arabia will adhere to about four million and 800 thousand barrels per day, in compared to its production rate last April.

The papers said that the Kingdom's petroleum policy aims to stabilize the oil market by balancing supply and demand, pointing out that the Council of Ministers called, in its last meeting, the countries participating in the OPEC+ agreement, and other producing countries, to adhere to the reduction rates set for them for the interests of all parties and powers.

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