Riyadh, March 03, 2024, A spokesperson from the Ministry of Energy has disclosed that the Kingdom of Saudi Arabia will prolong its voluntary reduction of one million barrels per day, initially implemented in July 2023, until the conclusion of the second quarter of 2024. This extension, conducted in collaboration with select OPEC+ participating nations, signifies that the Kingdom's production will hover around 9 million barrels per day until June 2024. Following this period, the surplus reduction volumes will be gradually reinstated, contingent upon prevailing market dynamics, to foster market stability.
Furthermore, the spokesperson highlighted that this supplementary voluntary reduction complements the Kingdom's earlier commitment, announced in April 2023, to curtail production by 500 thousand barrels per day, which is extended until December 2024. It was emphasized that this additional voluntary reduction is part of a collective precautionary measure adopted by OPEC Plus countries to underpin the stability and equilibrium of global oil markets.
