Saudi Cabinet urges reducing oil output to help restore balance in global oil markets

Cabinet of Saudi Arabia has urged oil producing nations not only to cling to agreed cuts to production, but also further reduce output to help restore balance in global oil markets.

In a recent statement, Cabinet of Saudi Arabia said the Kingdom is committed to supporting the stability of global oil markets. Minister of Media Majed Al-Qasabi said “In addition to its commitment to the OPEC+ agreement, the Kingdom will voluntarily reduce output by an additional 1 million barrels a day in June. It will also try to implement additional cuts this month, with the consent of its customers.“

The cabinet said the Saudi initiatives aim to encourage other countries, whether they have signed up to the OPEC+ agreement or not, to adhere to its reduced rates and to cut output even further to help stabilize global oil markets. During the cabinet meeting, which was conducted using video conferencing, King Salman also briefed ministers on his recent telephone conversation with US President Donald Trump. He said they affirmed the historical and strategic relationship between the two countries and their commitment to the continuation of joint efforts to enhance security and stability in the region.

Cabinet reviewed details of the active screening and testing programs in all parts of the country, which have helped to keep the number of deaths relatively low compared to global rates. The cabinet praised the efforts being made by government officials to combat the pandemic, and stressed that citizens and expatriates must abide by the precautionary and preventive measures introduced to prevent the spread of the virus.