The Kingdom of Saudi Arabia leads the balance of production efforts in the global oil markets wisely and deliberately, armed with a host of principles that Saudi governments have been committed to for decades, and urge the importance of providing energy to the world's producers and consumers at satisfactory prices.
Last August bears witness to these principles, when the Kingdom voluntarily decided to reduce its oil production this month, from 10.31 million barrels, the amount agreed in the OPEC Plus agreement, to 9.83 million barrels. It is only because the Kingdom sensed the threat coming to the markets after some producing countries, inside and outside the OPEC, have abandoned their commitment to produce agreed specific quantities. This action reflects the Kingdom's wise dealing with the threats against the oil markets. It is such a classy and noble action with too much altruism. It did not blame or defame the non-compliant states, but in total silent, it suffered for the mistakes of others and losses, and reduced production in order to support the oil prices and protect them from decline.
The Kingdom's efforts to support the oil markets are not limited to reducing the global production, but may require at other times the increase in production to meet the shortage of production that may occur here or there. To support this trend, the Kingdom has devoted billions of dollars to enhance Saudi's Aramco production capacity and to raise these capacities to 15 million barrels per day. These billions did not benefit the Kingdom as much as the consuming countries have oil at affordable prices.
The Kingdom's mechanism of dealing with the oil markets has always made it trustworthy for the whole world which expresses its satisfaction and optimism when Riyadh itself leads any negotiations or talks with the OPEC member states or others to support the stability of the oil prices. This was evident in the OPEC Plus recent agreement with non-OPEC producers, topped by Russia, early this year, leading, for the first time in history, to an agreement between the OPEC and the non-member states. The Kingdom has succeeded in leading these negotiations and to taking them to the farthest positive point, resulting in the consensus of twenty-four oil-producing countries to reduce the global production by 1.2 million barrel per day. Such an agreement would not happen had not been for the Kingdom's efforts and ability to invest its complex relations and harness them to serve the peoples of the world.