Saudi Arabia extends oil production cut of 1 million barrels per day until September

Saudi Arabia announced on Thursday that it will extend the country’s reduction in oil production by 1 million barrels per day until September.

The country had already cut local production in July and does not rule out extending the cut period, according to Saudi Arabia’s state news agency, “Spa.”

The decision was made unilaterally by the country, a member and one of the key leaders of the Organization of the Petroleum Exporting Countries (OPEC), a group of oil producers that usually makes coordinated decisions about increasing or cutting production among its member countries.

With this decision, Saudi Arabia will produce approximately 9 million barrels per day in September.

The agency “Spa” also reported that the extension of the cut will combine with another production reduction announced in April, which will last until December 2024.

“This additional voluntary cut is intended to reinforce the efforts of the OPEC+ countries to support the stability and balance of the oil markets,” said a source from the country’s energy ministry, according to “Spa.”

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