Saudi Arabia will extend its voluntary oil production cut into August, according to a government official.
An official source from the Ministry of Energy announced that the Kingdom will extend the voluntary cut of one million barrels per day, which has gone into implementation in July, for another month to include the month of August.
In effect, the Kingdom’s production for the month of August 2023 will be approximately 9m barrels per day.
Saudi oil production
The Ministry of Energy source confirmed that this additional voluntary cut comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets.