Saudi Arabia to extend voluntary cut of 1 million barrels per day until the end of the year
Saudi Arabia on Tuesday extended its 1-million-barrels-per-day voluntary crude oil production cut until the end of the year, according to the state-owned Saudi Press Agency.
The reduction will put Saudi crude output near 9 million barrels per day over October, November and December and will be reviewed on a monthly basis.
Riyadh first applied the 1 million-barrels-per-day reduction in July and has since extended it on a monthly basis. The cut adds to 1.66 million barrels per day of other voluntary crude output declines that some members of the Organization of the Petroleum Exporting Countries have put in place until the end of 2024.
