Saudi Arabia will voluntarily reduce crude oil production by 1 million barrels per day

Allies such as the Organization of the Petroleum Exporting Countries (OPEC) and Russia announced after the second day’s oil production strategy meeting that Saudi Arabia will voluntarily reduce crude oil production by 1 million barrels a day in the next two months (ie February and March this year). This helped offset the impact of Russia and Kazakhstan’s combined daily production increase of 75,000 barrels during this period, while other member states including OPEC kept their output unchanged. The market estimates that Saudi Arabia’s unexpected move reflects its concern that the renewed epidemic in Europe may have an impact on global oil demand, and it also highlights Saudi Arabia’s determination to avoid a price war with Russia.