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Saudi Arabia to Continue Additional Voluntary Oil Cut

The Kingdom’s production in the month of December 2023 will be approximately 9 million barrels per day. SPA
The Kingdom’s production in the month of December 2023 will be approximately 9 million barrels per day. SPA
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Saudi Arabia to Continue Additional Voluntary Oil Cut

The Kingdom’s production in the month of December 2023 will be approximately 9 million barrels per day. SPA
The Kingdom’s production in the month of December 2023 will be approximately 9 million barrels per day. SPA

Saudi Arabia confirmed Sunday it would continue with its additional voluntary cut of 1 million barrels per day (bpd) translating into a production of around 9 million bpd for December, a source at the ministry of energy said in a statement.

"This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets," the source was quoted as saying in the statement.

The Kingdom’s production in the month of December 2023 will be approximately 9 million barrels per day, said the source.

The source added that this voluntary cut decision will be reviewed next month to consider extending the cut, deepening the cut, or increasing production.

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Lebanon Extends Deadline for Licensing Round for Offshore Oil, Gas Fields

A motorbike drives past buildings destroyed during previous Israeli military fire on the southern Lebanese village of Aita al-Shaab, near the border with northern Israel on June 29, 2024, amid ongoing cross-border clashes between Israeli troops and Hezbollah fighters. (Photo by AFP)
A motorbike drives past buildings destroyed during previous Israeli military fire on the southern Lebanese village of Aita al-Shaab, near the border with northern Israel on June 29, 2024, amid ongoing cross-border clashes between Israeli troops and Hezbollah fighters. (Photo by AFP)
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Lebanon Extends Deadline for Licensing Round for Offshore Oil, Gas Fields

A motorbike drives past buildings destroyed during previous Israeli military fire on the southern Lebanese village of Aita al-Shaab, near the border with northern Israel on June 29, 2024, amid ongoing cross-border clashes between Israeli troops and Hezbollah fighters. (Photo by AFP)
A motorbike drives past buildings destroyed during previous Israeli military fire on the southern Lebanese village of Aita al-Shaab, near the border with northern Israel on June 29, 2024, amid ongoing cross-border clashes between Israeli troops and Hezbollah fighters. (Photo by AFP)

Lebanon's energy ministry has extended a deadline for companies to bid for exploration rights for offshore oil and gas fields in its third licensing round until March next year, the Lebanese Petroleum Administration said on Monday.

The government originally set a deadline of July 3, 2024 for bidding in the licensing round for nine maritime blocks, which was launched in January.

The Lebanese Petroleum Administration said the deadline had been extended to March 17, 2025 to provide enough time to monitor "accelerating regional and international developments," find ways of attracting more interest from companies and "work towards achieving economic stability."

The statement did not mention the ongoing hostilities between the Israeli military and Hezbollah, which have been trading fire for more than eight months in parallel with the Gaza war.

An industry source told Reuters that the exchanges of fire had been a major factor in the decision to extend the deadline.

Lebanon has extended previous licensing rounds repeatedly, in some cases because there had been no applications.

Lebanon formally delineated its maritime border with Israel in October 2022 after years of US-mediated talks. It had hoped this would pave the way for an influx of bids for oil and gas exploration in its waters.

But the recent border conflict has resurrected fears that a full-scale war could break out, and Hezbollah chief Hassan Nasrallah made threats about the Mediterranean in a recent speech.