Saudi Gazette report

RIYADH — An official source from the Ministry of Energy has confirmed that Saudi Arabia will extend its voluntary oil production cut of one million barrels per day for additional three months.

This reduction was first implemented in July and subsequently extended through August and September. The extension will now continue for an additional three months, concluding at the end of December 2023.

As a result, the Kingdom's production for the upcoming months of October, November, and December is projected to be approximately 9 million barrels per day, Saudi Press Agency reported.

The source clarified that this decision to maintain the voluntary cut will undergo monthly reviews, allowing for adjustments to deepen the reduction or increase production if necessary.

Furthermore, the source emphasized that this reduction is in addition to the voluntary cut announced by the Kingdom in April 2023, which remains in effect until the end of December 2024.

This additional voluntary cut reflects Saudi Arabia's commitment to bolstering precautionary measures taken by OPEC Plus member countries.

These measures aim to support the stability and equilibrium of global oil markets.