Saudi Arabia Reduces Total Oil Production by 616,000 Barrels per Day in Four Months

Riyadh, MINA – Saudi Arabia reduced its total oil production by 616,000 barrels per day (bpd) over a four-months period from September to December 2022, according to monitoring by the Saudi Gazette on Friday.

The kingdom cut oil production for a fourth straight month in December, bringing total Saudi oil production to around 10.44 million barrels per day.

According to monitoring, Saudi Arabia’s total oil production in August 2022 reached around 11.05 million barrels per day.

It is noteworthy that Saudi Arabia has cut oil production by 573,000 bpd from last November following the OPEC+ decision in October.

OPEC+ has announced a reduction in oil production by two million barrels per day from November, as part of measures to maintain oil market stability and prevent volatile market conditions and deal with unprecedented uncertainties in the oil market.

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This is the biggest cut since the beginning of 2020, especially after the outbreak of the coronavirus pandemic.

According to the Saudi Gazette, Saudi Arabia increased its oil production for a period of 16 consecutive months, starting from April 2021 when production reached around 8.134 million bpd while its oil production in August this year reached around 11.051 million bpd, an increase of 35.86 percent in 16 month. (T/RE1)

Mi’raj News Agency (MINA)