Pak Sahafat – Saudi Arabia’s Ministry of Oil and Energy announced today, at the same time as the meeting of OPEC+ member countries, that it will voluntarily reduce its daily oil production by 500,000 barrels.
According to Pak Sahafat News Agency from the official Saudi news agency (WAS), an official in the Saudi Ministry of Energy announced on Sunday that this voluntary action will continue until the end of 2024.
Earlier, the media had reported the dispute between Saudi Arabia and some OPEC members over the oil production quota.
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OPEC+, consisting of OPEC member countries and Russia, supplies about 40% of the world’s crude oil. It is said that the political decisions of this group have a great impact on market prices.
The meeting of oil and energy ministers of OPEC+ member countries was held in Vienna today. According to sources close to OPEC, in this meeting, the reduction of production to different amounts of one to two million barrels per day is going to be discussed.
Last week, Saudi Arabia’s Energy Minister Prince Abdulaziz said investors who are either betting on oil prices falling or betting on them should be careful.