Saudi Arabia announced on Thursday it will extend the voluntary cut of one million barrels per day for another month to include September, which can be extended or extended and deepened.
“Saudi Arabia will extend the voluntary cut of one million barrels per day, which has gone into implementation in July, for another month to include the month of September that can be extended or extended and deepened,” the Ministry of Energy said in a press release carried by the kingdom’s official news agency.
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, it added.
This additional voluntary aims to reinforce the precautionary efforts made by OPEC Plus countries with a view to supporting the stability and balance of oil markets, it said.
Russia announced on Thursday that it would cut oil exports by 300,000 barrels per day in September in a bid to ensure balance at global oil markets.
Source: Kuwait News Agency
