Saudi Arabia to make extra cut in oil production

Saudi Arabia said it will cut a million barrels of oil in its production. The amount exceeds the number previously agreed with the Organization of Petroleum Exporting Countries (OPEC) and Russia, known as Opec+. The announcement was made on Tuesday (5).

According to Saudi Arabia's Energy Minister Abdulaziz bin Salman, the cut will take place in February and March this year. It will also be added to the reduction the country is promoting along with other opec members and a group of countries led by Russia. As a whole, Saudi production will be reduced to 8.125 million barrels per day.

The agreement between the countries demonstrates a predisposition of the group to continue working together, aiming to increase oil prices in the international market, after the pandemic scenario and the impasses that brought down the prices of the barrel.

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