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Middle East oil giants reduce crude oil production again June
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China News Agency, Beijing, May 12th, comprehensive news: It has been more than one month since the largest oil production reduction agreement in the history of OPEC + oil-producing countries took effect. Recently, Saudi Arabia, Kuwait and the UAE decided to reduce oil production again from June.

Saudi Arabia's Ministry of Energy announced on the 11th that it will reduce crude oil production again on the basis of an agreement between OPEC and non-OPEC oil-producing countries to reduce crude oil production, and will reduce crude oil production by an average of one million barrels per day from June.

According to a report by Shatong News Agency, with additional production cuts, Saudi Arabia ’s crude oil production in June will fall to 7.492 million barrels per day. According to the previous production reduction plan, Saudi Arabia's crude oil production fell to an average of 8.492 million barrels per day in May. It is reported that this output is the lowest level in Saudi Arabia in the past 20 years.

According to Reuters, quoting a person from the Saudi Ministry of Energy, Saudi Arabia hopes to encourage OPEC + to organize other oil-producing countries to comply with their commitments through voluntary additional production cuts to maintain the stability of the global crude oil market.

According to a report on the Russian Business Consulting Network on the 12th, in addition to Saudi Arabia, the Middle East oil-producing countries Kuwait and the UAE also announced recently that they will expand the scale of crude oil production. According to reports, Kuwait will reduce the average daily output by an additional 80,000 barrels on the basis of the original production reduction agreement, while the UAE will reduce the average daily output by 100,000 barrels.

According to reports, OPEC and non-OPEC oil-producing countries reached a two-year agreement to reduce oil production on April 12. According to the agreement, member states have reduced production by an average of 9.7 million barrels per day since May 1. The first round of production cuts will last for two months and then will be cut in two phases. The agreement also stated that OPEC and non-OPEC oil-producing countries will hold another video conference on June 10 to discuss measures to further balance the market.