OREANDA-NEWS. An additional reduction in production by Saudi Arabia, Kuwait and the UAE to its quota under the OPEC+ agreement will be valid only until the end of June. This was announced by the Minister of Energy of Saudi Arabia, Abdel Aziz bin Salman, during a press conference.

"The additional reduction, which was voluntarily made by Saudi Arabia, Kuwait and the UAE, will last for a month. And as we see now, it will help the market to rebalance", the minister said. As a result of the weekend talks, Saudi Arabia, the UAE and Kuwait decided in June to further reduce oil production by 1.2 million barrels per day.