Saudi Arabia prepares for oil output cut by 1M bpd in early 2024: Report

30/11/2023 Argaam

Saudi Arabia prepares for oil output cut by 1M bpd in early 2024: Report

The Kingdom of Saudi Arabia's flag

Saudi Arabia is gearing up to cut its oil output by one million barrels per day (bpd) in early 2024, under the terms of OPEC+ agreement today, Nov. 30, with Russia cutting 500,000 bpd, Reuters reported, citing sources inside the oil cartel's meeting.

 

Other OPEC+ members are expected to decide on additional output reductions, the sources noted.

 

OPEC+ virtual meeting began a short while ago, chaired by Saudi Minister of Energy.

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