Saudi Arabia Extends Voluntary Cut Of Oil Production

(MENAFN- Nam News Network) RIYADH, Mac 4 (NNN-SPA) – Saudi Arabia announced yesterday, the extension of its voluntary cut of oil production of one million barrels per day, to support the stability and balance of oil markets.

The reduction was implemented in July last year, until the end of the second quarter of 2024, in coordination with some countries of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, said the Saudi Ministry of Energy.

The ministry said that, the kingdom's production will be approximately nine million barrels per day, until the end of June, this year.

“To support market stability, these additional cut volumes will be returned gradually, subject to market conditions,” the ministry added.

The ministry noted that, this voluntary cut is in addition to the voluntary cut of 500,000 barrels a day, previously announced by Saudi Arabia in Apr last year, which extends until the end of Dec this year.– NNN-SPA


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