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The news were reported by the Saudi Press Agency, who cited an unidentified official source in the Kingdom's Energy Ministry.
The agency reported that Saudi Arabia will continue to produce 9 million barrels per day of oil. The source stated: "This further voluntary decrease is designed to reinforce the preventative actions taken by OPEC+ to safeguard the stability and balance of oil markets.
May saw an agreement between Russia, Saudi Arabia, Iraq, the UAE, Kuwait, and other OPEC+ nations to reduce output by a total 1.6 million bpd. Later, Saudi Arabia declared that it would voluntarily reduce its output in July by an additional 1 million barrels per day. The steps were done to stabilize the oil market.
source: spa.gov.sa
The agency reported that Saudi Arabia will continue to produce 9 million barrels per day of oil. The source stated: "This further voluntary decrease is designed to reinforce the preventative actions taken by OPEC+ to safeguard the stability and balance of oil markets.
May saw an agreement between Russia, Saudi Arabia, Iraq, the UAE, Kuwait, and other OPEC+ nations to reduce output by a total 1.6 million bpd. Later, Saudi Arabia declared that it would voluntarily reduce its output in July by an additional 1 million barrels per day. The steps were done to stabilize the oil market.
source: spa.gov.sa