Riyadh: Saudi Arabia decided to extend the voluntary cut of one million barrels per day, which has gone into implementation in July, for another month to include the month of September that can be extended or extended and deepened.
The additional voluntary cut comes to reinforce the precautionary efforts made by the Organization of the Petroleum Exporting Countries (OPEC+) with the aim of supporting the stability and balance of oil markets.
This cut is in addition to the voluntary cut previously announced by Saudi Arabia in April 2023, which extends until the end of December 2024.
The member countries of the OPEC+ had agreed, on October 5, 2022, to collectively reduce production by two million barrels per day as of November of the same year until the end of 2023.
The OPEC+ includes 23 countries; the 13 members of OPEC and 10 other oil producing countries, including Russia.
