The Saudi Arabian Ministry of Energy has instructed Saudi Aramco to decrease its production in June by another million barrels, on top of previously agreed production cuts.
After accelerating oil production to record volumes earlier this year, Aramco is now slamming the brakes on. From June, it will produce 7.5 million barrels per day. When engaged in its price war with Russia, the company announced it would pump 10.6 million barrels per day in May. Now, the ministry has instructed Aramco to decrease May production to 8.5 million barrels per day.
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An official from the ministry told state media they hoped the cuts would encourage other countries to make their own additional, voluntary cuts. This agenda is notably different from the combative stance which began the price war earlier this year.
Kuwait has also announced it will cut production on top of its agreed quota. In June, the country will now extract 80,000 barrels per day less than previously thought.
