Saudi Arabia to extend voluntary cut for another month

Riyadh, July 3 (BNA): The Saudi Ministry of Energy announced that it will extend the voluntary cut of one million barrels per day, which took effect in July, for another month to include the month of August.

She added that the voluntary cut could be extended, and in practice the Kingdom’s production for the month of August would be approximately 9 million barrels per day.

The source also indicated that this reduction is in addition to the voluntary reduction announced by Saudi Arabia last April, which extends until the end of December 2024, according to the Saudi Press Agency (SPA).

The source confirmed that this additional optional reduction comes to reinforce the precautionary efforts made by the Organization of the Petroleum Exporting Countries (OPEC Plus) with the aim of supporting the stability and balance of oil markets.


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