Anton Petrus | Moment | Getty Images Heavyweight producer Saudi Arabia will extend a 1 million barrel per day voluntary crude oil output cut into September, in the third month of such declines, the state-owned Saudi Press Agency said Thursday. "In effect, the Kingdom's production ...
The ministry described the move as a “precautionary measure” aimed at stabilizing the oil market. The cuts represent less than 5% of Saudi Arabia’s average production of 11.5 million barrels per day in 2022.The earlier cuts — of some 2 million barrels a day — had come on the eve o...
Saudi Arabia and other major oil producers say they will cut oil production by 1.15 million barrels per day from May until the end of 2023. The Saudi Energy Ministry said Sunday that its cuts of 500,000 barrels per day were in addition to a reduction ann
The latest export cuts come in addition to existing supply reductions by the group of oil-producing nations known as OPEC+. The group already had in placeoil output cutsof about 3.66 million barrels per day when Saudi Arabia introduced the additional supply cut. The White House has previously ...
Saudi Arabia's crude oil output hit an all-time high of 10.673 million barrels per day in July, according to the Opec kingpin's latest submission to the group, which has nudged up its 2016 global oil demand growth forecast by 30,000 b/d. The Saudis appear intent on continuing efforts ...
Although U.S. imports of crude oil from Saudi Arabia have declined during the past three years, the United States still imports about 7 million barrels per day of crude oil. As a result, a tighter global crude oil market and increased global crude oil prices will ultimately increase the pri...
Oil prices rose following OPEC kingpinSaudi Arabia's decision to cut productionby another million barrels per day. On Sunday, the Organization of the Petroleum Exporting Countries and its partners (known as OPEC+)made no changes to its planned oil productioncuts for the rest of the year. Howev...
Saudi Arabia has claimed it looks to increase its total oil production capacity to 13 million bpd, but the kingdom might not be able to achieve these numbers at all
Saudi Arabia, is the world’s largest oil exporter, accounting for 10 percent of global oil supply. ActualPreviousHighestLowestDatesUnitFrequency 8918.008906.0012007.002340.001973 - 2025BBL/D/1KMonthly NSA CompareCrude Oil Production by Country ...
Saudi Arabia said Tuesday it will keep oil production cuts in place until December, putting more upward pressure on oil prices which are trading near 10-month highs.