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Saudi Arabia, UAE, and other countries to cut oil output for market stability
Saudi Arabia’s energy ministry said on Sunday that the Kingdom is voluntarily cutting its oil production by 500,000 barrels per day from May until the end of 2023, according to state media.
The energy ministry emphasized in a statement that the cut was a precautionary measure aimed at supporting the stability of the oil market.
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The UAE, Kuwait, Oman, and Iraq also announced cuts on oil production.
The UAE is to cut oil production voluntarily by 144,000 barrels per day from May until the end of 2023, the energy minister said on Sunday.
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