Riyadh, September 05, 2023, The Kingdom of Saudi Arabia will extend the voluntary cut of one million barrels per day, which began in July and was extended to include August and September, for another three months until the end of December 2023, according to an official source from the Ministry of Energy. As a result, the Kingdom's production for the upcoming months of October, November, and December will be roughly 9 million barrels per day. According to the source, this voluntary cut decision will be evaluated each month, to see if production should be increased or the cut should be made deeper. The source also mentioned that this reduction is in addition to the voluntary reduction that the Kingdom had previously announced in April 2023 and that lasts through the end of December 2024. According to the source, this voluntary increase strengthens the precautionary measures taken by OPEC Plus nations to support the stability and balance of the oil markets.
