Saudi Arabia extends voluntary cut until 2024-end, lowers output by extra 1 mln bpd for 1 month

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Saudi Arabia will extend its voluntary output cut of 500,000 barrels per day (bpd) as a precautionary measure until December 31, 2024 in coordination with some other OPEC and non-OPEC participating countries, a Ministry of Energy official stated.

 

This was agreed during the OPEC+ 35th ministerial meeting today, June 4, the state-run SPA reported.

 

In a separate statement, the source added that Saudi Arabia will make an additional voluntary output cut of one million barrel per day (bpd) from July for a renewable month. The Kingdom’s output will be 9 million bpd with a total voluntary cut of 1.5 million bpd.

 

The Kingdom’s additional voluntary cut enhances the OPEC+ precautionary efforts to shore up and balance the oil market, the ministerial source added.

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