Ammon News - An official source at the Saudi Energy Ministry of Energy Sunday said the Arabian peninsula country would implement a voluntary reduction in its crude oil production, amounting to 500,000 barrels per day, starting from May throughout 2023.

According to the Saudi Press Agency (SPA), the ministry stated that the decision to cut back production was coordinated with a group of countries participating in the declaration of cooperation from among OPEC members and others.

It reported that the reduction in production was agreed upon in the 33 ministerial meeting of the member states of OPEC and the producing countries outside it - OPEC Plus.

The official explained that the action is aimed at stabilising the market prices.