Alghadeer TV Alghadeer TV
The Ministry of Oil announced, today, Sunday, that it decided to reduce voluntary production at a rate of 211 thousand barrels per day, starting from next May until the end of this year.
The Ministry stated in a statement: “It was decided to reduce voluntary production at a rate of 211 thousand barrels per day from next May until the end of 2023.”
It indicated that this measure comes with the aim of taking precautionary measures to face the challenges facing the global oil market, and to achieve a balance between supply and demand and market stability. It indicated that this came “in coordination with some oil-producing countries, and in a manner that does not contradict the previous reduction policy.”
