An official source in the Saudi Ministry of Energy stated that the Kingdom will implement a voluntary reduction in its crude oil production, amounting to 500,000 barrels per day, according to “Russia Today” news agency.

The responsible source stated that Saudi Arabia will implement this procedure starting from next May until the end of 2023, in coordination with a number of countries participating in the Declaration of Cooperation from among the members of the Organization of “OPEC” and from outside it, pointing out that “this voluntary reduction in production is in addition to what was agreed upon at the 33rd ministerial meeting of OPEC member states and producing countries outside it (OPEC Plus), which was held on October 5 of last year 2022.”

He stressed that this step is a “precautionary measure aimed at supporting the stability of oil markets.”

Source: National News Agency – Lebanon