The Saudi Ministry of Energy announced Tuesday that the Kingdom would extend the voluntary cut in oil supplies, amounting to one million barrels per day, which began in July 2023, until the end of December 2023.
According to the Saudi Press Agency (SPA), a source in the ministry noted that the Kingdom’s production in October, November and December would be approximately nine million barrels per day.
The source added that the reduction decision “would be reviewed” every month to consider increasing the reduction or upping production.
They said the additional voluntary cut aims to support OPEC Plus’s “precautionary” efforts to support the stability and balance of oil markets.
Source: Jordan News Agency