Muscat: The Sultanate of Oman has decided to voluntarily reduce crude oil production by 40,000 barrels per day from next May until the end of 2023, in coordination with the countries participating in the “OPEC Plus” agreement.
In the same context, the United Arab Emirates (UAE) and the Kingdom of Saudi Arabia (KSA) announced a voluntary reduction in their crude oil production. The Saudi Ministry of Energy said that the Kingdom will implement a voluntary reduction in its crude oil production of 500,000 barrels per day, starting from next May until the end of 2023.
An official source in the Saudi Ministry of Energy stated, according to what was reported by the Saudi Press Agency (SPA), that this step comes in coordination with a number of countries participating in the Declaration of Cooperation, from members of the Organisation of Petroleum Exporting Countries (OPEC) and from outside.
The source added that this voluntary production cut is in addition to the production cut that was agreed upon at the 33rd ministerial meeting of (OPEC) member states and non-OPEC producing countries (OPEC+), which was held on October 5, 2022.
He stressed that this step is a "precautionary measure aimed at supporting the stability of oil markets."