RIYADH — Saudi Arabia will extend its voluntary cut of 500,000 barrels per day until the end of December 2024 as a precautionary measure, an official source in the Ministry of Energy announced on Sunday.

The official source said that the decision comes in coordination with some countries participating in the OPEC+ agreement.

This voluntary reduction from the required production level as agreed upon at the 35th ministerial meeting of OPEC Plus on June 4, 2023, the Ministry said. — SG