Arábia Saudita cortará produção de petróleo em mais 1 milhão barris por dia

Saudi Arabia Will Cut Oil Production By An Additional 1 Million Barrels Per Day

Written by Flavia Marinho

Published on 11/05/2020 at 15:54

Arábia Saudita cortará produção de petróleo em mais 1 milhão barris por dia

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In An Effort To Increase Oil Prices, Saudi Arabia Announces Cut In Production Of 1 Million Barrels Per Day (mbd), Starting Next Month

In an effort to increase oil prices, on Monday (11) the Saudi Ministry of Energy announced that it has instructed the state-owned oil company Aramco to reduce production in June by 1 million barrels per day, in addition to the supply cuts already agreed upon under an OPEC+ deal. 36 Oil Fields Hibernated In Brazil Due To The Pandemic

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According to the Ministry of Energy in a statement cited by the official news agency SPA, this cut will reduce the production of the world’s largest oil exporter to 7.5 million barrels per day.

According to Kuwait’s Khaled al-Fadhel, Minister of Oil, in order to support the Saudi initiative, the country is expected to cut its production by 80,000 barrels per day.

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In support of Saudi Arabia’s efforts to balance the oil market, another Riyadh ally, the United Arab Emirates, announced a reduction of 100,000 barrels per day in its production starting in June.

In the agreement concluded in April, Saudi Arabia had already reduced its production to 8.5 million barrels, reaching the lowest level in over a decade.

Despite these massive reductions, prices have yet to recover, in the absence of a real recovery in demand, paralyzed by the crisis related to the new coronavirus.

“The kingdom seeks through this new reduction to encourage OPEC countries and oil-producing countries outside of OPEC to honor their promises to cut their production and make additional reductions to support the stability of the global oil market”, said the Saudi Ministry.

Currently, the price of oil is around 30 dollars.

oil price

Saudi Arabia Will Cut Oil Production By An Additional 1 Million Barrels Per Day

In An Effort To Increase Oil Prices, Saudi Arabia Announces Cut In Production Of 1 Million Barrels Per Day (mbd), Starting Next Month

Read Also

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Saudi Arabia Will Cut Oil Production By An Additional 1 Million Barrels Per Day

In An Effort To Increase Oil Prices, Saudi Arabia Announces Cut In Production Of 1 Million Barrels Per Day (mbd), Starting Next Month

Read Also

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