RIYADH: According to a source in the Energy Ministry, Saudi Arabia will continue its voluntary 1 million barrel per day oil output cut until the end of the year, the Saudi Press Agency said on Tuesday.
The reduction, which went into effect for the first time in July, will last “for another three months until the end of December 2023,” the article stated.
With the new choice, Saudi Arabia will produce about 9 million barrels per day of oil in October, November, and December.
According to the source cited in the SPA story, the choice would be reevaluated every month to take into account “deepening the cut or increasing production.”
The source also mentioned that this reduction is in addition to the voluntary reduction that the Kingdom had previously announced in April 2023 and that lasts through the end of December 2024.
According to the article, the Organization of the Petroleum Exporting Countries and its partners, known as OPEC+, have been taking precautions to protect the stability of the oil markets, and this new voluntary cut aims to support those efforts.