Saudi Arabia extends voluntary cut of 1 mln bpd for additional 3 months

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Saudi Arabia extended the voluntary oil cut of one million barrels per day (bpd) for additional three months until December 2023, Saudi Press Agency reported, citing an official source from the Ministry of Energy.

The cut was implemented in July and was extended to include August and September, the source said, adding that the Kingdom's production will be approximately 9 million bpd.

The decision will be reviewed monthly to consider deepening the cut or increasing production, the source said.

This is in addition to the voluntary cut previously announced by the Kingdom in April 2023, which was extended until the end of December 2024.

This additional cut aims to reinforce the precautionary efforts made by OPEC+ members to support the stability and balance of oil markets.

In early August, Saudi Arabia announced extending a voluntary oil output cut of one million bpd for another month to include September, according to data available with Argaam.