An official source from the Ministry of Energy announced that the Kingdom of Saudi Arabia will continue its voluntary cut of one million barrels per day, which has gone into implementation in July 2023 and was later extended until the end of December 2023. Thus, the Kingdom production in the coming months November and December will be approximately 9 million barrels per day.
The source stated that this voluntary cut decision will be reviewed next month to consider deepening the cut or increasing production. The source also noted that this cut is in addition to the voluntary cut previously announced by the Kingdom in April 2023, which extends until the end of December 2024. The source confirmed that this additional voluntary cut comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets.