RIYADH: Saudi Arabia will extend its voluntary oil production cut of 1 million barrels per day (bpd) until the end of December 2023, according to an official source in the Energy Ministry cited by the Saudi Press Agency (SPA).
The initial production cut, which came into effect in July, will now be in place for an additional three months, the SPA report added. Consequently, Saudi Arabia’s oil production for the months of October, November, and December will remain at approximately 9 million bpd.
The SPA report cited the source as saying that this decision would be subject to monthly review, with the possibility of further adjustments such as deepening the cut or increasing production, depending on market conditions.
Saudi Arabia’s Voluntary Oil Production Cut
Additionally, the report highlighted that this extension of voluntary cuts is in addition to the previous voluntary reduction announced by Saudi Arabia in April 2023, which extends until the end of December 2024.
The extension of the production cut aligns with Saudi Arabia’s commitment to support the precautionary measures taken by the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, in order to maintain stability in global oil markets.
