Saudi Gazette Report

RIYADH — Saudi Arabia reduced its total oil production by 616,000 barrels per day (bpd) during the period of four months from September to December 2022, according to a monitoring by Okaz/Saudi Gazette.

The Kingdom made the cut in the oil production for the fourth month in a row in December, bringing the total Saudi oil production to about 10.44 million bpd.

According to the monitoring, Saudi Arabia’s total production of oil in August 2022 reached about 11.05 million bpd.

It is noteworthy that Saudi Arabia had cut oil production by 573,000 bpd from last November following the decision of the OPEC + in October. OPEC+ had announced a cut in oil production by two million bpd starting from November, as part of measures to maintain oil market stability and prevent volatile market conditions and confront the situation of unprecedented uncertainty in the oil market. This was the largest cut since the beginning of 2020, specifically after the outbreak of the coronavirus pandemic.

According to the Okaz/Saudi Gazette monitoring, Saudi Arabia raised its oil production for a period of 16 consecutive months, starting from April 2021 when production stood at about 8.134 million bpd while its oil production in August this year reached about 11.051 million bpd, an increase of 35.86 percent in 16 months.