Arab News

RIYADH: Saudi Arabia will extend its voluntary oil production cut of 1 million barrels per day until the end of the year, the Saudi Press Agency reported on Tuesday quoting an official source in the Energy Ministry.

The cut which first took effect in July will continue “for another three months until the end of December 2023,” the report said.

With the new decision, Saudi Arabia’s oil output for October, November, and December will be approximately 9 million barrels per day.

The SPA report quoted the source as saying that the decision will be reviewed monthly to consider “deepening the cut or increasing production.”

The source also noted that this cut is in addition to the voluntary cut previously announced by the Kingdom in April 2023, which extends until the end of December 2024. The report said this additional voluntary aims to reinforce the precautionary efforts made by the Organization of the Petroleum Exporting Countries and its allies, called OPEC+, to support the stability of oil markets.