Saudi Arabia urges OPEC+ to further reduce oil production to restore market balance

Saudi Arabia has called on OPEC+ countries to respect their commitment to the agreed oil production cuts and to reduce production even further to help restore balance to global oil markets, the Saudi Press Agency (SPA) reported yesterday.

A statement said the cabinet has decided to reduce oil production by an additional one million barrels per day in June, noting that the kingdom is coordinating with customers to reduce production in May, from the target level.

In April, OPEC and non-OPEC oil producing states agreed to cut crude oil production by 9.7 million barrels per day in May and June, in response to a 30 per cent drop in global demand for fuel caused by the coronavirus pandemic.

The United Arab Emirates and Kuwait joined Saudi Arabia and pledged cuts of a total 180,000 bpd in their production in June.

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