Saudi Gazette report

RIYADH — Saudi Arabia announced on Thursday that it will extend its production cut of one million barrels of oil a day (bpd) through the end of September in its effort to boost flagging energy prices.

An official source at the Ministry of Energy said that Saudi Arabia will extend the voluntary cut of one million barrels per day, which began in July, for another month, to include the month of September.

“With the possibility of extending or extending and increasing this reduction, the Kingdom’s production in September 2023 will be approximately nine million barrels per day,” the ministry said in a statement carried by the Saudi Press Agency.

The source indicated that this reduction is in addition to the voluntary cut previously announced by the Kingdom in April 2023 and that extends until the end of December 2024.

The source confirmed that this additional voluntary cut comes to reinforce the precautionary efforts made by OPEC + countries with the aim of supporting the stability and balance of oil markets.

For his part, Russian Deputy Prime Minister Alexander Novak said on Thursday that Russia decided to extend the voluntary cut in its oil exports for the month of September, and the cut will be 300,000 barrels per day.