Saudi Arabia to extend voluntary cut for another month

July 03, 2023 / 4:34 PM

Sharjah 24 – SPA: Saudi Arabia's Ministry of Energy announced that it will extend the voluntary cut of one million barrels per day, which went into implementation in July, for another month to include the month of August.

It added that the voluntary cut can be extended, and in effect, the Kingdom’s production for August will be approximately 9 million barrels per day.

The source also noted that this cut is in addition to the voluntary cut previously announced by Saudi Arabia in April, which extends until the end of December 2024, Saudi Press Agency (SPA) reported.

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