According to the April deal, OPEC+ nations will cut production by 9.7 million barrels per day from May-June. Output will be reduced by 7.7 million barrels from July until the end of 2020, and by 5.8 million barrels per day from January 2021 to April 2022.
The Saudi Arabian Energy Ministry has instructed state oil giant Aramco to reduce crude oil output in June by a further one million barrels per day above the planned reductions agreed in the April 12 OPEC+ deal, the state-run Saudi Press Agency said Monday citing a ministry official.
According to the agency, the decision will cut Saudi Arabia’s oil output in June to 7.49 million barrels per day, a reduction of 4.8 barrels per day from April levels.
Saudi Aramco will also reduce May output to 8.49 million barrels per day, the agency stated.
An official said that the Energy Ministry’s decision was influenced by the desire to bring stability to global oil markets, amid a price crash caused by the global COVID-19 pandemic, the agency stated.