Saudi Arabia extends 1 mln bpd voluntary oil cut to include September

03/08/2023 Argaam
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Saudi Arabia will extend a voluntary oil output cut of one million barrels per day (bpd) for another month to include September, an official source at the Ministry of Energy said. 

 

Thus, the Kingdom's output in September will near nine million bpd.  

 

This output cut comes in addition to the voluntary cut previously announced by the Kingdom in April 2023 and extended till Dec. 31, 2024, the source said, state-run SPA reported. 

 

It added that the voluntary reduction in crude output aims to reinforce the precautionary measures taken by OPEC+ members to support stability and balance of oil markets.  

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