Riyadh: The Kingdom of Saudi Arabia (KSA) will continue with one million barrel per day voluntary crude oil production cut until the end of the year, the Saudi Press Agency reported on Wednesday, October 4, quoting an official source in the Energy Ministry.
The cut, which first took effect in July, will continue “for another two months until the end of December 2023.”
With the new decision, Saudi Arabia’s oil production for November and December will be around nine million barrels per day.
According to the source, the decision will be reviewed monthly to consider “deepening the cut or increasing production.”
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, the source said.
The source reiterated that the additional voluntary measures aim to enhance OPEC+’s precautionary measures to maintain market stability and balance.
