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Saudi Ministry of Energy has announced that the kingdom will continue the voluntary cut of one million barrels per day, which went into implementation as per Opec Plus decision in July and was later extended until the end of December 2023, reported SPA.
This will take the kingdom’s total production for the month of December to approximately 9 million barrels per day, said a report citing a source.
The source stated that this voluntary cut decision will be reviewed next month to consider extending the cut, deepening the cut, or increasing production.
This cut is in addition to the voluntary cut previously announced by the kingdom in April 2023, which extends until the end of December 2024, stated the report.
The source confirmed that this additional voluntary cut comes to reinforce the precautionary efforts made by Opec Plus countries with the aim of supporting the stability and balance of oil markets, it added.