An official source in the Saudi Energy Ministry announced on Sunday that the Kingdom will implement an additional voluntary cut in its production of crude oil, amounting to one million barrels per day, starting in July for a month, which could be extended further.

The announcement of Saudi cuts of one million barrels per day are in addition to what was agreed upon in the OPEC+ meeting on Sunday for the required production level for each country for 2024, and what the OPEC+ countries had previously announced in April in terms of voluntary cuts until the end of 2023 and extended their voluntary cuts until the end of 2024, the source said.

The Kingdom’s production would become 9 million barrels per day, and its total voluntary cut will be 1.5 million barrels per day, said the source.

The source explained that the Kingdom’s additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets.