Saudi Arabia extends voluntary oil production cut

Saudi Arabia has decided to continue its voluntary cut of one million barrels per day, initially implemented in July 2023 and previously extended, until the end of December 2023.

This decision maintains the Kingdom’s production at approximately 9 million barrels per day for the month of December 2023, an official statement from the Ministry of Energy read.

The official source emphasized that a comprehensive review of this voluntary cut’s efficacy will take place next month, determining whether to extend, deepen, or adjust the production cut.

It was highlighted that this measure is an additional step following the voluntary cut announced by Saudi Arabia in April 2023, persisting until December 2024.

The source clarified that this supplementary voluntary cut aligns with OPEC Plus countries’ collective efforts to ensure the stability and equilibrium of global oil markets.