2023-06-04 17:03:00
Frankfurt Saudi Arabia will voluntarily cut its oil production by one million barrels a day in July. This step can be renewed monthly. According to the Saudi Arabian Ministry of Energy, this is a precautionary measure intended to ensure market stability, according to the state news agency Saudi Press Agency.
The kingdom made this decision as part of the Opec-plus meeting that took place in Vienna on Sunday. After hours of negotiations, the oil cartel decided to set its production target for 2024 at around 40 million barrels a day. This reduces the production volume by almost 1.4 million barrels per day compared to the currently targeted production.
The oil-exporting countries have made no changes to the planned oil production cuts for this year. In addition, the member states announced that they would extend their voluntary cuts by another year.
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Read on now
Get access to this and every other article in the
web and in our app.
Further
#Saudi #Arabia #voluntarily #cuts #million #barrels #day