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Saudi Arabia Extends Voluntary Oil Cut

The Kingdom’s production will be approximately nine million barrels per day until the end of March 2024. (Asharq Al-Awsat)
The Kingdom’s production will be approximately nine million barrels per day until the end of March 2024. (Asharq Al-Awsat)
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Saudi Arabia Extends Voluntary Oil Cut

The Kingdom’s production will be approximately nine million barrels per day until the end of March 2024. (Asharq Al-Awsat)
The Kingdom’s production will be approximately nine million barrels per day until the end of March 2024. (Asharq Al-Awsat)

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.

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Exports from Libya's Hariga Oil Port Stop as Crude Supply Dries Up, Say Engineers

A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
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Exports from Libya's Hariga Oil Port Stop as Crude Supply Dries Up, Say Engineers

A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)

The Libyan oil export port of Hariga has stopped operating due to insufficient crude supplies, two engineers at the terminal told Reuters on Saturday, as a standoff between rival political factions shuts most of the country's oilfields.

This week's flare-up in a dispute over control of the central bank threatens a new bout of instability in the North African country, a major oil producer that is split between eastern and western factions.

The eastern-based administration, which controls oilfields that account for almost all the country's production, are demanding western authorities back down over the replacement of the central bank governor - a key position in a state where control over oil revenue is the biggest prize for all factions.

Exports from Hariga stopped following the near-total shutdown of the Sarir oilfield, the port's main supplier, the engineers said.

Sarir normally produces about 209,000 barrels per day (bpd). Libya pumped about 1.18 million bpd in July in total.

Libya's National Oil Corporation NOC, which controls the country's oil resources, said on Friday the recent oilfield closures have caused the loss of approximately 63% of total oil production.