Saudi Arabia announced a voluntary extension of its 1 million barrels per day oil production cut, which began in July, until the end of 2024’s first quarter.
“In coordination with some of the countries participating in the “OPEC +” agreement, Saudi Arabia’s production will be close to 9 million barrels per day (bpd) until the end of March,” Saudi Arabia’s Ministry of Energy said.
“In support of market stability, these additional reductions will be gradually restored in accordance with market conditions,” the Ministry added.
“This cut is added to the voluntary cut of 500 thousand barrels per day previously announced by the Kingdom in April 2023, extending until the end of December 2024,” a Ministry of Energy source said in statements reported by the Saudi Press Agency.
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