Saudi Arabia will extend its voluntary production cut of one million barrels per day for another month, into August, according to the Saudi Press Agency on Monday.
According to an official source from the Ministry of Energy, Saudi Arabia will implement additional voluntary cuts until August, resulting in an average output of approximately 9 million barrels per day for the month of August 2023.
The source also mentioned that this reduction is in addition to the voluntary cut that the Kingdom announced back in April 2023 and that will last until the end of December 2024.
With the goal of maintaining oil market stability and balance, members of the Organization of the Petroleum Exporting Countries and its allies, also known as OPEC+, have taken the precautionary step of voluntarily reducing production, as stated by the source.
