The Strategist

Saudi Arabia extends voluntary oil production cuts

08/04/2023 - 03:26

According to a source in the energy ministry, Saudi Arabia is extending the 1 million bpd voluntary oil output cut that started in July through September.

Sanjay Acharya
Sanjay Acharya
"An official source in the Ministry of Energy announced that the Kingdom of Saudi Arabia will extend the voluntary cut of 1 million bpd, which took effect in July, for another month to include September," the message reads.

The cut can be extended or increased, the newspaper notes. According to the state agency, the kingdom's real production will be around 9 million bpd in September. 

"The source confirmed that this additional voluntary reduction is intended to strengthen the precautionary measures taken by OPEC+ countries to maintain stability and balance in oil markets," the publication states in its conclusion.