Saudi Arabia to cut oil production by 500,000 barrels per day

Saudi Arabia says it will cut oil production by 500,000 barrels per day from May until the end of 2023.

The Energy Ministry said Sunday that the cuts would be made in coordination with some OPEC and non-OPEC members, without naming them, and were in addition to a reduction announced last October.

It described the move as a precautionary measure aimed at stabilising the oil market.

(Except for the headline, this story has not been edited by The Federal staff and is auto-published from a syndicated feed.)