The Kingdom of Saudi Arabia has announced a voluntary cut of 500 thousand barrels per day from May till the end of 2023 in coordination with some other OPEC and non-OPEC Participating Countries in the Declaration of Cooperation.

This voluntary cut is in addition to the reduction in production agreed at the 33rd OPEC and non-OPEC Ministerial Meeting on October 5, 2022, said Ministry of Energy official.

The statement emphasized that this is a precautionary measure aimed at supporting the stability of the oil market, reports SPA.

Source: Bahrain News Agency