Riyadh Reports Extended Cut in Oil Production
The Saudi Arabian government has declared a three-month extension in its daily oil production cut of one million barrels. Local media have reported on this continued voluntary reduction in crude oil output, which is expected to last until the end of December 2023.
An inside source from Saudi Arabia’s Ministry of Energy indicated that the country’s daily crude oil production will level at approximately nine million barrels per day during the periods of October, November, and December.
As per international news agency Reuters, the source asserted that these production reductions will be revisited monthly to discuss the possibility of intensifying the cut or enhancing production.
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The authorized spokesperson affirmed that the reduction in production is supplementary to the voluntary reductions publicized by the kingdom in April, which will persist until the termination of December 2024.
The spokesperson further emphasized that the goal of this increased voluntary cutback is to fortify the preventive actions formulated by OPEC Plus, in an effort to facilitate stability and equilibrium in the oil markets.
As per the study, nearly 40 percent of the global crude oil is pumped by OPEC Plus. The group comprises the Organization of the Petroleum Exporting Countries (OPEC) and its allies, spearheaded by Russia.