Saudi Arabia's oil output cut ‘a step’ to achieve market stability, says energy minister

Minister of Energy Prince Abdulaziz Bin Salman

Saudi Arabia’s decision to reduce its oil output by an additional one million barrel per day (bpd) is a move taken out of keenness to achieve market stability, said Minister of Energy Prince Abdulaziz Bin Salman.

Speaking at the OPEC+ meeting held on Jan. 5, 2021, the minister indicated that the Kingdom did not ask any other country to carry out a voluntary cut to its production.

He also stressed that the decision came from the Saudi leadership that took into consideration all aspects and circumstances, and hence did not hesitate to make such a move.

Asked whether Saudi Arabia will accept any voluntary cuts from other countries, Prince Abdulaziz replied: "Why not?"

According to data compiled by Argaam, Saudi Arabia offered voluntary cuts to its oil production by an additional one million bpd in February and March. The Kingdom’s output will reach 8.125 million bpd starting February.