Saudi Arabia announces voluntary cut of 500,000 bpd from May
02/04/2023
Argaam
The Kingdom of Saudi Arabia's flag
Saudi Arabia will implement a voluntary cut of 500,000 barrels per day (bpd), starting from May till the end of 2023, in coordination with some other OPEC and non-OPEC member countries under the Declaration of Cooperation, Saudi Press Agency reported, citing an official from the Ministry of Energy.
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, the official added.
He emphasized that this is a precautionary measure aimed at supporting the stability of the oil market.
Market Indices
Dubai
5,897.57
(9.63)
(0.16 %)
Abu Dhabi
9,960.24
(33.00)
(0.33 %)
TASI
10,542.23
(47.72)
(0.45 %)
Qatar
9,209.53
(49.77)
(0.54 %)
Kuwait
9,063.91
13.25
0.15 %
Muscat
7,828.06
39.92
0.51 %
Bahrain
1,898.90
(2.96)
(0.16 %)
Commodity Price
Brent Crude Oil
101.00
0.54
0.53%
Nymex
89.08
(1.16)
(1.29%)
About Us
Join Us
Argaam Tools is an advanced tool that provides investors, analysts, research houses, and corporate executives with easy access to a single source for in-depth data on macroeconomy, capital market, sectors, and companies insights.
Argaam.com Copyright © 2026, Argaam Investment, All Rights Reserved
Call Request
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}