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Saudi Arabia to add 167,000 bpd to its oil output cut quota

Saudi Arabia to add 167,000 bpd to its oil output cut quota
The kingdom will also extend a voluntary cut of 400,000 bpd

Riyadh – Mubasher: Saudi Arabia is set to reduce oil production by additional 167,000 barrels per day (bpd) until March 2020, CNBC reported on Friday.

The kingdom will also extend a voluntary cut of 400,000 bpd, Saudi energy minister Prince Abdulaziz bin Salman announced.

OPEC+ agreed on Friday to adjust output target and redistribute production cuts between its members.

The group agreed to reduce its output target by 500,000 barrels a day, matching recent production levels.