Saudi Arabia decided to extend the voluntary cut of one million barrels per day, which began in August, for another additional month, to include next September.
The Saudi Press Agency quoted an official source in the Ministry of Energy as saying: This cut comes with the possibility of “extending and increasing this cut,” stressing that it aims to strengthen the precautionary efforts made by the “OPEC +” countries with the aim of supporting the stability and balance of oil markets.
The source added that the reduction came in addition to the voluntary reduction previously announced by the Kingdom in April 2023, and extends until the end of December 2024.
It is noteworthy that the member states of the “OPEC +” Alliance had agreed, on the fifth of October 2022, to collectively reduce production by two million barrels per day, from November of the same year until the end of 2023.
The "OPEC +" alliance includes 23 countries, including the 13 members of the Organization of the Petroleum Exporting Countries (OPEC), along with 10 other producing countries, including Russia.
Source: National Iraqi News Agency