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OIL AND GAS NEWS

Saudi Aramco set to slash June output by 1m bpd

May 11, 2020 9:04 PM

Saudi Ministry of Energy has directed Aramco to reduce its crude oil production for the upcoming month by an extra voluntary amount of one million barrels per day in addition to the reduction committed...

Saudi Ministry of Energy has directed Aramco to reduce its crude oil production, for the upcoming month by an extra voluntary amount of one million barrels per day, in addition to the reduction committed by the kingdom in the Opec+ agreement inked last month, reported Saudi Press Agency.
 
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, stated the SPA report. 
 
Therefore, the Saudi production for June, after both its targeted and voluntary cuts, will be 7.492 million barrels per day, it added.
 
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.
 
It emphasised 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 provide additional voluntary cuts, in an effort to support the stability of global oil markets, the report added.
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