“The kingdom aims from this additional cut to stimulate countries in the OPEC+ and other producing nations to comply with committed production cuts and make additional reductions in a bid to support the stability of the global oil market.”
A file photo taken on September 20, 2019 a partial view of Saudi Aramco’s Abqaiq oil processing plant. – Saudi Arabia’s energy ministry said on May 11, 2020 it had asked oil giant Aramco to make an additional voluntary output cut of one million barrels per day starting from June to support prices.
Neighbouring Kuwait’s Oil Minister Khaled al-Fadhel said separately that his country would cut an additional 80,000 bpd to support the Saudi initiative. Under the deal, Saudi Arabia’s daily production was cut to 8.5 million bpd, the lowest in more than a decade.
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