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Ministry of Energy: Saudi Arabia to Extend Voluntary Oil Cut of 1 Mln bpd for Another Month to Include August 

Saudi Arabia will extend the voluntary oil cut of one million barrels per day, which had gone into effect in July, for another month to include August.
Saudi Arabia will extend the voluntary oil cut of one million barrels per day, which had gone into effect in July, for another month to include August.
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Ministry of Energy: Saudi Arabia to Extend Voluntary Oil Cut of 1 Mln bpd for Another Month to Include August 

Saudi Arabia will extend the voluntary oil cut of one million barrels per day, which had gone into effect in July, for another month to include August.
Saudi Arabia will extend the voluntary oil cut of one million barrels per day, which had gone into effect in July, for another month to include August.

An official source from the Ministry of Energy announced that Saudi Arabia will extend the voluntary oil cut of one million barrels per day, which had gone into effect in July, for another month to include August.

The Kingdom’s production for August 2023 will be approximately 9 million barrels per day, revealed the source according to the Saudi Press Agency.

It lso noted that the 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 source confirmed that the latest move reinforces the precautionary efforts by OPEC+ countries to support the stability and balance of oil markets.

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Egypt Raises Gasoline, Diesel Prices for 3rd Time this Year

A gas station in Egypt. AFP file photo
A gas station in Egypt. AFP file photo
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Egypt Raises Gasoline, Diesel Prices for 3rd Time this Year

A gas station in Egypt. AFP file photo
A gas station in Egypt. AFP file photo

Egypt raised prices on a wide range of fuel products early on Friday, the petroleum ministry said, marking the third such increase this year.
Prices for diesel fuel, one of the most commonly used fuels in the country, were raised by 17% to 13.50 Egyptian pounds ($0.2779) per liter from 11.50 pounds.
Gasoline prices increased from 11% to 13% depending on the grade, with 80 octane gasoline rising to 13.75 Egyptian pounds, 92 octane to 15.25 pounds, and 95 octane to 17 pounds.
Prime Minister Mostafa Madbouly said in July that prices of petroleum products will gradually increase until the end of 2025, adding that the government could no longer bear the burden of paying the subsidies on fuels amid increasing consumption.
But the government's fuel pricing committee, which typically convenes each quarter, said on Friday its next meeting will be held in six months.