Saudi Arabia extends voluntary cut of oil production

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Saudi Arabia announced on Sunday the extension of its voluntary cut of oil production of 1 million barrels per day to support the stability and balance of oil markets, the Saudi Press Agency reported.

The reduction was implemented in July 2023 in coordination with some countries of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, said the Ministry of Energy, according to the report.

The ministry said that the kingdom's production will be approximately 9 million barrels per day until the end of June 2024.

Source(s): Xinhua News Agency