April 3, 2023
1 min read

Oil giants slash production

The Saudi Ministry clarified that the decision is a precautionary measure aimed at supporting the stability of the global oil market….reports Asian Lite News

Saudi Arabia’s Energy Ministry has announced a voluntary oil cut of 500,000 barrels per day from May till the end of 2023.

The production cut is in coordination with some other countries of the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC Participating Countries in the Declaration of Cooperation, said the Ministry in a statement on Sunday.

It noted that the voluntary cut is in addition to the reduction in production agreed upon at the 33rd OPEC and non-OPEC Ministerial Meeting on October 5, 2022, Xinhua news agency reported.

The Ministry clarified that the decision is a precautionary measure aimed at supporting the stability of the global oil market.

Iraq to cut oil output by 211,000 bpd

Iraq will voluntarily cut oil production by 211,000 barrels per day (bpd) from May until the end of this year, the country’s Oil Ministry said in a statement.

The move is a “precautionary measure” taken in coordination with some countries of OPEC+, the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, to stabilise the global oil market, it added on Sunday.

Ministry data show that Iraq is producing more than 4.5 million bpd, Xinhua news agency reported.

Oil prices have risen since the outbreak of the Russia-Ukraine war in February last year, benefiting oil-exporting countries, including Iraq. However, oil prices declined in the past few months due to fears of lower demand in global markets.

Iraq’s economy relies heavily on crude oil exports, which account for more than 90 per cent of the its revenue.

ALSO READ: Saudi becomes SCO dialogue partner

Previous Story

Iranian, Saudi FMs to meet soon

Next Story

G20 energy transition working group deliberations begin

Latest from -Top News

Singapore’s Ruling Party Achieves Landslide Victory

Prime Minister Lawrence Wong, whose party won the election, thanked supporters.,..reports Asian Lite News Singapore’s ruling People’s Action Party (PAP) won 87 of the 97 seats in Parliament in Saturday’s general election,

Jaishankar, Lavrov Discuss Pahalgam Terror Attack

Both the Ministers discussed issues of Russian-Indian cooperation and the aggravation of India-Pakistan relations following the terrorist attack in Pahalgam. External Affairs Minister (EAM) S. Jaishankar spoke to the Russian Foreign Minister

Ukrainian forces to join VE  procession  

Ukrainian personnel will join around 1,000 UK armed forces members, including soldiers on horseback and military bands, to symbolise “the global support for their continued fight for freedom” against Russia  krainian armed

Rajnath Singh to skip Russia visit

The decision comes amid rising tensions between India and Pakistan following the recent terror attack in Pahalgam, Jammu and Kashmir…reports Asian Lite News Defence Minister Rajnath Singh will not likely attend Russia’s

WAVES 2025: Jaishankar Advocates Cultural Pluralism

External Affairs Minister S. Jaishankar delivered a powerful address at the WAVES 2025 Global Media Dialogue, highlighting the significance of cultural pluralism in shaping global change. Speaking on the second day of
Go toTop

Don't Miss

Yoga to be introduced in Saudi universities

In cooperation with the Saudi Universities Sports Federation (SUSF), the

Iran to mend ties with Saudi Arabia

Iran is currently working to remove the existing obstacles in