Riyadh: The Kingdom of Saudi Arabia (KSA) announced on Thursday, August 3, that it will extend its voluntary oil production cut of one million barrels per day (bpd) for another month to include September, the Saudi Press Agency (SPA) reported.
An official source at the Ministry of Energy said that Saudi Arabia’s production for the month of September will hence be around 9 million barrels per day.
The production cut comes in addition to the voluntary reduction announced by the Kingdom in April, which extends until the end of December 2024, the Energy Ministry said.
The cut, which first took effect in July, can be further “extended and deepened,” the ministry added.
The ministry reaffirmed that the additional optional cut in September aims to reinforce the precautionary efforts adopted by OPEC+ to help support the stability and balance of oil markets.
OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, pumps about 40 percent of global crude, according to Reuters.
