Saudi Arabia said Sunday it would further scale back crude production by 500,000 b/d from May through the end of the year, leading a broader OPEC-plus effort to curb supplies and bolster prices.

In total, the Saudi energy ministry said the group of producer countries would cut more than 1 million b/d. This would come on top of an OPEC-plus move in late 2022 to cut production by up to 2.0 million b/d.

The Saudi energy ministry called it “a precautionary measure aimed at supporting the stability of the oil market.” Saudi Arabia’s production averaged 11.5 million b/d in 2022.

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