An official source in the Ministry of Energy announced that the Kingdom of Saudi Arabia will extend the voluntary cut of one million barrels per day, which began in July for another month, to include the month of August with the possibility of extending it, and thus Saudi Arabia’s production in August 2023 will be approximately 9 million barrels per day. .
The source indicated that this reduction is in addition to the voluntary reduction previously announced by Saudi Arabia in April 2023 and extending until the end of December 2024.
The source confirmed that this additional voluntary reduction comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets.
