RIYADH — Saudi Arabia will implement a voluntary cut of 500 thousand barrels per day from May till the end of 2023, an official at the Energy Ministry announced on Sunday.

This comes in coordination with some other OPEC and non-OPEC participating countries in the Declaration of Cooperation.

This voluntary cut is in addition to the reduction in production agreed at the 33rd OPEC and non-OPEC Ministerial Meeting on Oct. 5, 2022, the official said.

He emphasized that this is a precautionary measure aimed at supporting the stability of the oil market. — SG