SAWT BEIRUT INTERNATIONAL

| 13 April 2024, Saturday |

Ministry of Energy: Saudi Arabia to extend voluntary oil cut of 1 mln bpd for another month to include August

An official source from the Ministry of Energy announced that Saudi Arabia will extend the voluntary oil cut of one million barrels per day, which had gone into effect in July, for another month to include August.

The Kingdom’s production for August 2023 will be approximately 9 million barrels per day, revealed the source according to the Saudi Press Agency.

It lso noted that the cut is in addition to the voluntary cut previously announced by the Kingdom in April 2023, which extends until the end of December 2024.

The source confirmed that the latest move reinforces the precautionary efforts by OPEC+ countries to support the stability and balance of oil markets.

    Source:
  • Asharq Al-Awsat