Saudi Arabia will extend a cut in the amount of oil it sends to the world, an official source from the Ministry of Energy said Thursday.
The source said that the voluntary cut of one million barrels per day, which was implemented in July 2023, will stay in place through the first three months of next year.
Therefore, the Kingdom’s production will be approximately nine million barrels per day until the end of March 2024. Afterwards, in order to support market stability, these additional cut volumes will be returned gradually subject to market conditions, the source said.
The source also noted that this voluntary cut is in addition to the voluntary cut of 500,000 barrels a day previously announced by the Kingdom in April 2023, which extends until the end of December 2024.
The source confirmed that 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.
