Vienna: Saudi Arabia has pledged a new voluntary oil output cut of 1 million barrels per day for July, which could be extended further, its energy ministry said on Sunday.
Saudi Energy Minister Prince Abdulaziz bin Salman unveiled the reduction in a statement.
The decision was made in coordination with some of the OPEC+ members, according to the report.
According to the Ministry, this voluntary reduction from the needed production level was agreed upon during the 35th ministerial meeting of OPEC Plus on June 4, 2023.
OPEC+ cuts oil output to 40.46 mb/d, throughout 2024
OPEC+ has decided to adjust the level of overall crude oil production to 40.46 mb/d, starting 1 January 2024 until 31 December 2024.
This was announced by the global organisation in a statement following the 35th OPEC and non-OPEC Ministerial Meeting in Vienna today.
According to the statement, OPEC and non-OPEC Participating Countries in the Declaration of Cooperation, the Participating Countries decided to “adjust the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC to 40.46 mb/d, starting 1 January 2024 until 31 December 2024.”
As per the statement the Joint Ministerial Monitoring Committee (JMMC) has been granted the authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary.
It has been decided to hold the 36th OPEC and non-OPEC Ministerial Meeting on Sunday 26 November 2023, in Vienna.
