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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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E-commerce Giant Alibaba Has Completed 3-year 'Rectification' Period

Alibaba Group has completed three years "rectification" following a fine levied in 2021 for monopolistic behavior. Reuters
Alibaba Group has completed three years "rectification" following a fine levied in 2021 for monopolistic behavior. Reuters
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E-commerce Giant Alibaba Has Completed 3-year 'Rectification' Period

Alibaba Group has completed three years "rectification" following a fine levied in 2021 for monopolistic behavior. Reuters
Alibaba Group has completed three years "rectification" following a fine levied in 2021 for monopolistic behavior. Reuters

China's State Administration of Market Regulation issued a statement on Friday saying Alibaba Group had completed three years "rectification" following a fine levied in 2021 for monopolistic behavior.
In 2021, the regulator slapped a record $2.75 billion fine on the e-commerce giant for abusing its market position by forcing merchants on its platforms not to work with rival platforms.
The regulator's statement said Alibaba's rectification work had achieved "good results" and that it would continue to "guide" Alibaba to continue to "regulate its operations and improve its compliance and quality."
The fine levied on Alibaba in 2021 came during a period of intense scrutiny for the business empire founded by billionaire Jack Ma, Reuters reported. A $37 billion IPO by the finance arm he founded, Ant Group, was also scuttled following Ma's public critique of the country's regulatory system in late 2020.
Alibaba, in its own statement, described the regulator's announcement on Friday as a "new starting point for development" and said it would continue to "promote the healthy development of the platform economy and create more value for society."