RIYADH: Saudi Arabia’s Ministry of Energy extended the period of the voluntary reduction in crude oil production by making an important decision.
In this connection, Saudi media reports have stated that Saudi Arabia has extended the voluntary reduction in oil production for more than one month, which will continue until September.
According to the report of the foreign news agency, the official of the Ministry of Energy has said that Saudi Arabia will continue the voluntary reduction in oil production in September after August, the implementation of the voluntary reduction decision started in July.
An Energy Ministry official says that if the voluntary cuts are extended, Saudi Arabia will produce around 9 million barrels of oil per day during September 2023.
The Energy Ministry of Saudi Arabia added that the gradually cut in oil production that the kingdom had announced in April 2023 will continue until the end of December 2024, apart from the extension of the cut.
An Official of the energy ministry said the decision to further voluntarily cut oil production was taken to support OPEC Plus’ precautionary measures to maintain balance in the oil market.
On the other side, Russian Deputy Prime Minister Alexander Novak has told that Russia has decided to extend the voluntary reduction in oil exports during September, 300,000 barrels of oil will be exported less per day.