Saudi Aramco will reduce oil production in June

The Ministry of the energy of Saudi Arabia ordered the state-owned company Saudi Aramco to reduce oil production in June by another 1 million barrels per day in addition to the country’s obligations under the OPEC+ deal, the state agency SPA reported.

Thus, compared with April, Saudi Arabia’s production decline will amount to 4.8 million b/d, in absolute terms; the country will produce 7.492 million b / d in June. Also, Saudi Aramco was instructed to find opportunities to reduce oil production in may below the level of 8.492 million b / d by agreement with customers.

The representative of the Ministry of energy stressed that the Kingdom’s goal is to encourage other producing countries to meet their obligations through additional cuts and provide further cuts to stabilize the world oil market.