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.
