Kingdom of Saudi Arabia will extend the voluntary cut of one million barrels per day, which has gone into implementation in July, for another month to include the month of August that can be extended, and in effect, the Kingdoms production for the month of August 2023 will be approximately 9 million barrels per day.
This cut is in addition to the voluntary cut previously announced by the Kingdom in April 2023, which extends until the end of December 2024, an official source at the Saudi Ministry of Energy outlined in statements quoted by Saudi Press Agency (SPA).
The source confirmed that this additional voluntary cut comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets.
Source: Qatar News Agency