2023-12-01 18:15:47
Dammam: Saudi Arabia’s reduction in daily oil production will continue in the first quarter of next year, the Saudi Ministry of Energy said. The reduction in daily production, which has been implemented since April this year, will continue in the coming months. The ministry also said that the decision will be reviewed if necessary.
The Saudi Energy Ministry has decided to continue the reduction in oil production implemented by Saudi Arabia since April. The current situation will continue for the first three months of 2024. The current daily production is 90 lakh barrels. It was reduced from 1 crore barrels before April. The Saudi cuts are in addition to the production cuts announced by OPEC Plus.
The production cuts are aimed at stabilizing the global oil market and improving prices. But the decision to reduce production will be reviewed if necessary, ministry officials said. Prolonged decision to reduce production by producing countries, including Saudi Arabia, will also reflect in global oil prices. In addition to Saudi Arabia, Russia is also implementing production cuts. Russia’s daily production has been reduced to 5 million barrels.
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