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Saudi Arabia extends 1m barrel per day oil production cut

Saudi Arabia’s Ministry of Energy extends voluntary production cut

OPEC
OPEC has issued its forecasts for oil demand next year

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 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 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.

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