Saudi Arabia Announces Voluntary Oil Cut of Half a Million Barrels Per Day Until End of 2023
The Saudi Arabian Energy Ministry announced on Sunday that it would voluntarily cut 500,000 barrels per day of oil production from May until the end of 2023. The cut is in coordination with certain OPEC countries and non-OPEC participating countries in the Declaration of Cooperation.
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The Declaration of Cooperation, first signed in 2016, aims to reduce oil market volatility and ensure a fair return on investment for all oil-producing countries involved. The agreement involves coordination between OPEC member countries and non-OPEC participating countries to manage oil production levels and support global oil prices.
