Saudi Arabia extends voluntary oil production cuts into September

Saudi Arabia extends voluntary oil production cuts into September

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Saudi Arabia will extend its crude oil production cuts, according to the state news agency SPA. The report said that an official source from the Ministry of Energy announced that Saudi Arabia will extend its voluntary cut of one million barrels per day, for another month to include the month of September.

The report added that the production cuts, which roughly equal one per cent of the crude market, could be extended or extended and deepened. In effect, the kingdom’s production for the month of September 2023 will be approximately 9 million barrels per day.

Saudi Arabia’s oil production cuts

It’s the second time the kingdom has extended the cut, which was first announced in June after a meeting of the alliance between Organization of the Petroleum Exporting Countries (OPEC), Russia, and other smaller producers.

The source also noted that 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.

Russia had announced plans to cut oil exports by 300,000 barrels per day, in September according to Bloomberg.

Brent crude prices, the world benchmark, jumped 1.5 per cent to $84.50 a barrel on news of the Saudi production