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Khaled al-Fadil, Kuwait’s Oil Minister, revealed on Monday that his country will voluntarily reduce oil production by 80,000 barrels per day, additional in June, above its commitment under the OPEC + agreement.
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Al-Fadil announced Kuwait’s support for Saudi Arabia’s efforts to “restore stability and balance” in the oil markets, expressing his country’s welcome to joint coordination with the Kingdom.
Today, Saudi Arabia announced its intention to voluntarily reduce its oil production for the month of June, which was immediately reflected in “black gold” prices, which immediately increased to more than 5%.
Saudi Arabia’s Energy Ministry ordered Saudi Aramco to reduce its crude oil production by next June with an additional voluntary amount of one million barrels per day, in addition to the reduction to which the Kingdom committed in the latest agreement OPEC Plus on April 12, 2020.
Therefore, the size of the reduction to which the Kingdom will adhere, compared to its production rate last April, will be approximately 4.8 million barrels per day. Thus, its production for June, after the basic and voluntary cuts, will be 7 million and 492 thousand barrels per day.
The Ministry also ordered the company to seek to reduce its production in May, from the target level of 8 million and 492 thousand barrels per day, according to its clients.
The source emphasized that the Kingdom aims from this additional reduction to motivate the countries participating in the OPEC Plus agreement, and other producing countries, to commit to the proportions of the reduction to which they have committed and to provide a further reduction in its production, in an effort to support the stability of world oil markets.
Source: Reuters and Okaz
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