Cabinet affirms Saudi endeavor to support oil market stability

13/05/2020 Argaam

 

The Saudi Cabinet affirmed the Kingdom’s endeavor to support the stability of global oil markets, the Saudi Press Agency reported.

 

The Cabinet highlighted Saudi Arabia’s commitment to the recent OPEC+ agreement on reducing crude oil production, as well as the Kingdom's initiative to cut oil output for June by an extra voluntary amount of 1 million barrels per day, and also in May in consent with its customers.

 

Saudi Arabia's initiatives aim at urging the countries in the OPEC+ agreement and other oil producing nations to adhere to the cut rates and to provide more reduction in production in order to contribute in restoring the desired balance of the global oil markets, the Cabinet further added.

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