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

04/06/2023 Argaam

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

The Ministry of Energy logo 

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.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Most Read