Saudi extends voluntary cut in oil production

Saudi Arabia has stated that it will prolong the voluntary cut in oil output by one million barrels per day until September.

The voluntary cut that was scheduled for July will now extend until September, according to the Ministry of Energy, with future extensions possible.

In September, the kingdom will produce nearly 9 million barrels of oil per day.

According to the government, this voluntary cut is in addition to the 500,000 barrels per day cut announced in April and will last until 2024.

The extension of the voluntary cut aims to strengthen OPEC+ members’ efforts to stabilise oil markets, it said.

OPEC+ countries are members of the Organisation of Petroleum Exporting Countries (OPEC) and its allies.

Xinhua/NAN