Saudi Arabia has decided to extend the voluntary oil output cut of 1 million barrels per day through September, reported the state-run news agency citing an official from the Kingdom’s Ministry of Energy.
According to the Saudi Press Agency, the Kingdom’s production for September will be around 9 million bpd with this decision.
The report added that this cut is in addition to the voluntary reduction previously announced by the Kingdom in April 2023, which extends until the end of December 2024.
During its last policy meeting in June, OPEC+ had agreed on a deal to limit supply into 2024. Saudi Arabia then pledged a voluntary production cut for July, which the Kingdom later extended until August.
The report of the Kingdom’s decision to extend the output cut through September came just hours before the OPEC+ meeting scheduled for Friday.
