Report: Saudi Arabia extends voluntary oil output cut, to produce 9m bpd in August | TheCable

The Kingdom of Saudi Arabia says it will extend its voluntary oil output cut of one million barrels per day (bpd) until August.

said the kingdom will produce 9 million barrels of oil per day in August.Organisation of Petroleum Exporting Countries and its allies, called OPEC+, announced voluntary cuts amounting to 1.66 million bpd.of one million bdp from July.

“In effect, the Kingdom’s production for the month of August 2023 will be approximately 9 million barrels per day.” According to SPA, the cut is in addition to the voluntary cut announced by the kingdom in April 2023, which will last until the end of December 2024.“The source confirmed that this additional voluntary cut comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets,” SPA added.

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