Saudi Arabia to continue daily oil production reduction in the first quarter of 2024
Riyadh: The Ministry of Energy in Saudi Arabia announced that the country’s daily oil production reduction will continue in the first quarter of 2024. This decision comes after the reduction in daily production, which has been in place since April of this year.
The Ministry stated that the decision will be reviewed if necessary as they continue to monitor the global oil market. The current production will remain at 90 lakh barrels per day, a significant reduction from the 1 crore barrels per day before April.
The ongoing reduction is part of the commitment made by Saudi Arabia to support efforts in stabilizing the global oil market. The Saudi cuts are in addition to the production cuts announced by OPEC Plus, further demonstrating the country’s dedication to addressing the challenges facing the oil industry.
The Ministry of Energy’s decision to continue the reduction in oil production reflects Saudi Arabia’s proactive approach in managing the oil market and ensuring sustainable production to meet global demand. The announcement will provide a level of predictability and stability to the oil market as the world continues to grapple with ongoing fluctuations and uncertainties.
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