On Tuesday, Saudi Arabia announced the extension of its voluntary crude oil production cut of 1 million barrels per day until the year’s end, as reported by the state-owned Saudi Press Agency.

This decision will keep Saudi Arabia’s crude oil output at approximately 9 million barrels per day throughout October, November, and December. The extension will undergo monthly evaluations.

Riyadh initially implemented the 1 million barrel per day reduction in July and has subsequently renewed it on a monthly basis, CNBC reported.

This cut supplements the 1.66 million barrels per day reduction in voluntary crude output that some OPEC members have committed to maintaining until the conclusion of 2024.

In addition, Russia, a significant oil producer leading the group collaborating with OPEC countries in the OPEC+ coalition, has pledged to reduce exports voluntarily by 500,000 barrels per day in August and by 300,000 barrels per day in September.

Written by staff