A Saudi Ministry of Energy Official stated that the Ministry directed Saudi Aramco to reduce its crude oil production, for the upcoming month of June, by an extra voluntary amount of one million barrels per day, in addition to the reduction committed by the Kingdom in the latest OPEC+ agreement, on 12th of April 2020. This brings the total production cut that will be carried out by the Kingdom, to around 4.8 million barrels per day, from the April production level. Therefore, the Kingdom's production for June, after both its targeted and voluntary cuts, will be 7.492 million barrels per day. The Ministry also directed the Company to seek to reduce its production in the current month of May, from the target level of 8.492 million barrels per day, in consent with its customers. The Ministry Official emphasized that the Kingdom aims through this additional cut to encourage OPEC+ participants, as well as other producing countries, to comply with the production cuts they have committed to, and to provide additional voluntary cuts, in an effort to support the stability of global oil markets.
