Saudi Gazette Report

RIYADH —Saudi Arabia will extend its voluntary oil production cut of one million barrels per day (bpd), which was implemented in July 2023, until the end of the second quarter of 2024. This was announced by an official source of the Ministry of Energy. “This is in coordination with some OPEC+ countries,” the ministry said in a statement carried by the Saudi Press Agency.

By the new decision, Saudi Arabia’s crude oil production will be approximately 9 million bpd until the end of June 2024. Afterwards, in order to support market stability, these volumes of additional cut will be returned gradually subject to market conditions.

The source also noted that this voluntary cut is in addition to the voluntary cut of 500000 bpd previously announced by the Kingdom in April 2023, which 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 global oil markets.