Saudi Arabia extends voluntary cut of 1M bpd until June-end

03/03/2024 Argaam
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Logo of The Ministry of Energy

Saudi Arabia will extend its voluntary cut of one million barrels per day (bpd), implemented in July 2023, until the end of the second quarter of 2024 in coordination with some OPEC+ participating countries, an official source from the Ministry of Energy said.

 

Therefore, the Kingdom’s production will be approximately 9 million bpd until the end of June 2024. The additional cut will be restored gradually, subject to market conditions, to support market stability, state-run SPA reported.

 

The source also noted that this voluntary cut is in addition to the voluntary cut of 500,000 bpd previously announced by the Kingdom in April 2023, which extends until the end of December 2024.

 

The source confirmed that this additional voluntary reduction aims to reinforce the precautionary measures implemented by OPEC+ countries to support stability and balance oil markets.

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