Saudi Arabia will extend voluntary oil production cuts until the end of the year.
An official source from the Ministry of Energy announced that the Kingdom will extend the voluntary cut of one million barrels per day until the end of December.
The voluntary cut came into implementation in July was first extended to include August and September, and will last until the end of December 2023.
Saudi oil production
In effect, the Kingdom’s production for October, November, and December will be approximately nine million barrels per day.
The source stated that this voluntary cut decision will be reviewed monthly to consider deepening the cut or increasing production.
The source also noted that this cut is in addition to the voluntary cut previously announced by the Kingdom in April 2023, which extends until the end of December 2024.
The source confirmed that this additional voluntary comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets.
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