Saudi Arabia, Kuwait cut production to stabilize oil market

(VOVWORLD) - Saudi Arabia’s Energy Ministry on Monday ordered Saudi Aramco to cut another 1 million barrels of oil production per day in a renewed effort to stabilize global energy markets.
Saudi Arabia, Kuwait cut production to stabilize oil market - ảnh 1

Saudi Aramco's Abqaiq oil processing plant. Saudi Arabia's energy ministry said it has asked Aramco to make an additional voluntary output cut of one million barrels per day. (Photo: AFP)

Kuwait joined Saudi Arabia the same day in announcing new oil production cuts to be implemented in June, state news agency KUNA reported, citing Oil Minister Khaled al-Fadhel. Kuwait will slash production by 80,000 barrels per day in June, on top of cuts already agreed under a pact by the OPEC+ group of major oil producing countries, al-Fadhel said.

OPEC and its allies in the OPEC+ group agreed last month to cut production by a record 9.7 million barrels per day. Other producers pledged to reduce their output by around 3.7 million barrels per day.

Under the deal, Saudi Arabia's daily production was cut to 8.5 million barrels per day, the lowest level in more than a decade.