Saudi Arabia announced on Thursday that it will extend its voluntary cut in oil production, which amounts to one million barrels per day, to include the upcoming September. Furthermore, there is the potential for an extension or even an increase in this reduction.
According to the Saudi Press Agency, a responsible source within the Ministry of Energy stated, “The Kingdom of Saudi Arabia will extend the voluntary reduction of one million barrels per day.” The announcement added that “the extension will continue for another month to include September, with the potential for an extension or an increase in this cut. Consequently, the Kingdom’s production in September 2023 will be approximately nine million barrels per day.”
The source clarified that this reduction is in addition to the voluntary cut announced by the Kingdom in April 2023, which will last until the end of December 2024.
Earlier, the Saudi Ministry of Energy declared that “The Kingdom will continue to voluntarily reduce its oil production until the end of 2024.” An authoritative source from the Saudi Ministry of Energy said, “As a precautionary measure, the Kingdom will extend its voluntary cut of 500,000 barrels per day until the end of December 2024, in coordination with some countries participating in the OPEC+ agreement.”
