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May 11, 2020

Saudi Arabia to reduce oil production by one million barrels per day

 Saudi Arabia’s energy ministry has advised state-owned oil producer Saudi Aramco to cut its crude oil production by one million bpd from 1 June, the ministry announced today.

By Yoana Cholteeva

Saudi Arabia’s energy ministry has advised state-owned oil producer Saudi Aramco to cut its crude oil production by one million bpd from 1 June, the ministry announced today.

This, combined with Saudi Arabia’s previous oil reductions, agreed to by OPEC and its oil-producing allies, make the country’s total cut about 4.8 million bpd below its April record production level. Production for June is now expected to be 7.492 million bpd.

Saudi Arabia has also said it expects to reduce production further in an effort to support global oil markets.

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