According to an official source in the Energy Ministry as reported by the Saudi Press Agency, Saudi Arabia has decided to prolong its voluntary reduction in oil production by 1 million barrels per day until the conclusion of the year. This extension, which initially commenced in July, will persist for an additional three months, concluding at the end of December 2023. Consequently, Saudi Arabia’s oil production for the months of October, November, and December will be approximately 9 million barrels per day.
The source mentioned in the SPA report stated that this decision will be subject to monthly reviews, with the possibility of either intensifying the reduction or increasing production. It is important to note that this reduction is separate from the earlier voluntary cut that the Kingdom announced in April 2023, which will remain in effect until the end of December 2024.
The report clarified that the purpose of this supplementary voluntary cut is to support the precautionary measures undertaken by the Organization of the Petroleum Exporting Countries and its partners, collectively known as OPEC+, in order to maintain stability in the oil markets.
Source: Arab News