Saudi Arabia extends cut of 1 million barrels of oil a day through September, trying to boost prices
- Date: 03-Aug-2023
- Source: The Economist
- Sector:Oil & Gas
- Country:Saudi Arabia
Saudi Arabia extends cut of 1 million barrels of oil a day through September, trying to boost prices
DUBAI, United Arab Emirates (AP) — Saudi Arabia said Thursday it will extend its unilateral production cut of 1 million barrels of oil a day through the end of September in its effort to boost flagging energy prices.
The Saudi cut of 1 million barrels per day, which began in July, comes as the other OPEC+ producers have agreed to extend earlier production cuts through next year.
The kingdom announced the extension in a statement on the state-run Saudi Press Agency, quoting an anonymous official in the kingdom’s Energy Ministry. The official added that the cut “can be extended or deepened” if the need arises.