Saudi Arabia intends to drastically reduce oil production


The Saudi authorities announced plans to drastically reduce the production of "black gold" by 1 million barrels per day, in addition to earlier agreements under OPEC +. Thus, according to the Saudi Press Agency, oil production will be reduced to 7,5 million barrels per day instead of 8,5 million. The reduction order was sent by the country's Ministry of Energy to Saudi Aramco.


As a result, the total decrease in crude production will be about 4,8 million barrels per day compared to the April level. The Saudi Arabian Ministry of Energy also instructed the company to find an opportunity to reduce production in May from the level of 8,492 barrels per day.

The authorities of the Kingdom hope that such a sharp reduction in energy production will become an example for other countries that not only fulfill their obligations, but also find additional ways to reduce production.

The agreement of the oil exporting countries was concluded on April 12 and entered into force on May 1. According to the agreements, countries will reduce oil production in May-June by 9,7 million barrels daily, from July to December - by 7,7 million barrels, and from January next year until April 2022 - by 5,8 million barrels.
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  1. Observer2014 Offline
    Observer2014 11 May 2020 19: 19
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    Saudi Arabia intends to drastically reduce oil production

    If someone thinks that Saudi Arabia is very impoverished, he is very deeply mistaken. Between the average Russian and the Saudi cosmos. laughing It’s like from Earth to Mars. Do not confuse with the moon!
    1. shadow Offline
      shadow 12 May 2020 14: 48
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      Of course, impoverished, because from June 1, the kingdom ceases payments to citizens due to an increase in the cost of living, and from July 1, it increases the value added tax. Mach 3 times - from 5 to 15%. ... The reason for such measures was the results of the first quarter of 2020: budget expenditures were $ 9 billion more than revenues.
  2. 123 Offline
    123 (123) 11 May 2020 19: 58
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    Extremes alone. Either the whole world is being poured with cheap oil and demanding something, then they are cutting more than they promised and are already asking. What unbalanced people.
    1. Observer2014 Offline
      Observer2014 11 May 2020 20: 37
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      Quote: 123
      Extremes alone. Either the whole world is being poured with cheap oil and demanding something, then they are cutting more than they promised and are already asking. What unbalanced people.

      Come on you. These are people like people. And not spoiled in their mass by the lack of funds. wink The cultures are different. Yes. But Russia is not a mono-cultural country. yes Therefore, everything is relative. Well, besides the real per capita income of our countries.
      1. Observer2014 Offline
        Observer2014 11 May 2020 21: 00
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        I level you do not understand who set us cons. A plus. If suddenly it is still important to whom.
  3. Smirnoff Offline
    Smirnoff (Victor) 11 May 2020 21: 54
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    All last year and the beginning of this, the United States put pressure on the Saudis to lower oil prices by raising production in order to ruin Russia and squeeze it out of the markets.
    In early March, the United States, through the hands of Saudi Arabia, delivered Russia an unacceptable ultimatum to reduce oil production. The United States brought down world oil markets - the question arose of how to overcome the crisis.
    Attempts by the Americans, with the hands of the Saudis, to oust Russia from the oil market are initially doomed to failure, said Energy Minister Alexander Novak.
    The Minister noted that Russia produces competitive products and has diversified routes for the sale of raw materials.

    The Saudis, following the lead of the United States, were themselves in a deep oil crisis.
    Most of all, in the oil crisis, the United States and the Saudis lost.
    Russia also lost, but not by much, in comparison with them.
    The ruling circles of the United States, shadowy and offensively odious, decided to crank up the oil scam, playing to increase oil production, with their Saudi puppets, to ruin Russia with low oil prices and move it to the raw materials market.
    But what happened!
    Russia did not fall apart, but STANDED, and moreover, in the USA there is a collapse of oil industry, which the United States did not even imagine.
    The Americans, building oil plans with the Saudis against Russia, did not take into account the viral epidemic, which was gaining momentum and also helped bring down oil prices, but confused all US oil maps.
    In fact, we see that Russia did not fall apart, but STANDBACK, contrary to the SINCERING plans of the United States.
    1. Observer2014 Offline
      Observer2014 11 May 2020 22: 13
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      All last year and the beginning of this, the United States put pressure on the Saudis to lower oil prices by raising production in order to ruin Russia and squeeze it out of the markets.

      I would go fishing with you. Literally. yes

      Russia did not fall apart, but STANDED, and moreover, in the USA there is a collapse of oil industry, which the United States did not even imagine.

      wassat laughing good Ha ha ha ha !!!! But our oil industry is on horseback! The people really are at the fifth point of this horse. bully