UAE, Saudi Arabia to reduce oil production for June significantly

UAE, Saudi Arabia to reduce oil production for June significantly

The Saudi Ministry of Energy has directed Saudi Aramco to reduce its crude oil production, for the upcoming month of June, by an extra voluntary amount of one million barrels per day, in addition to the reduction committed by the Kingdom in the latest OPEC+ agreement on 12 April, 2020.. The kingdom's production for June, after both its targeted and voluntary cuts, will be 7.492 million barrels per day.. Through the additional production cuts, the kingdom aims to encourage OPEC+ participants, as well as other producing countries, to comply with the production cuts they have committed to, and to provide additional voluntary cuts, in an effort to support the stability of global oil markets..