This collaborative decision involves coordination with select OPEC Plus nations, maintaining the Kingdom's production at around 9 million barrels per day until March 2024.
“A phased return of these additional cut volumes will be executed, contingent upon market conditions, to bolster overall market stability,” an official source at the ministry said.
The announcement emphasized that this voluntary cut is an augmentation to the earlier disclosed 500 thousand barrels per day reduction, declared in April 2023, which is slated to persist until the culmination of December 2024.
The source underscored that this supplementary voluntary cut is part of the collective precautionary measures taken by OPEC Plus countries to fortify efforts aimed at upholding the stability and equilibrium of global oil markets.
