Saudi Arabia to cut oil output ‘as gesture of goodwill’ to markets

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Tue, 2021-01-05 21:01

DUBAI: Saudi Arabia will make major cuts in oil output over the next two months as a “gesture of goodwill” to global crude markets, Energy Minister Prince Abdul Aziz bin Salman said on Tuesday.

The minister told a meeting of the OPEC+ alliance that the Kingdom would voluntarily cut an extra one million barrels per day in February and March in addition to its agreed supply reductions.