Saudi Arabia to cut oil production by additional 1 million bpd

Saudi Arabia to cut oil production by additional 1 million bpd

Saudi Arabia's energy ministry said it had asked Aramco to make an additional voluntary output cut of one million barrels per day.. RIYADH: Saudi Arabia said on Monday it will reduce its crude oil production for June by an additional one million barrels per day.. The Ministry of Energy official said Saudi Aramco had been directed to reduce production.. Kuwait also joined Saudi Arabia on Monday in announcing fresh oil production cuts to be implemented in June.. Oil Minister Khaled Al-Fadhel said Kuwait would slash production by 80,000 barrels per day in June, on top of the cuts already agreed with OPEC+.. The country had seen a "remarkable turnaround" prior to the COVID-19 shock, under a fund-supported economic reform program, but that progress is now threatened, the IMF said in a statement.. Egypt has suffered over 500 COVID-19 fatalities with nearly 10,000 cases, according to John's Hopkins University's tally..