Saudi Arabia Voluntarily Cuts Oil Production To Stabilize Global Markets

In an effort to support the balance and stability of global oil markets, the Saudi Energy Ministry on Sunday declared a voluntary reduction in its crude oil production, starting in July. The cut, which amounts to 1 million barrels per day, could extend beyond the initial one-month period, according to a report from the Saudi Press Agency. As a result, Saudi Arabia’s daily oil output will decrease to 9 million barrels, with a total voluntary reduction of 1.5 million barrels per day. This move comes on the heels of an agreement made during an OPEC+ meeting in Vienna, where member countries decided to adjust the level of overall crude oil production to 40.46 million barrels per day from January to December 2024. As the world’s leading oil exporter, Saudi Arabia’s decision could significantly impact global energy markets.