RIYADH: Saudi Arabia will extend its voluntary cut of 500,000 bpd until the end of December 2024, in coordination with some countries participating in the OPEC+ agreement, the Kingdom’s energy ministry said on Sunday.
This voluntary reduction from the required production level was agreed upon at the OPEC+ meeting held on Sunday, the ministry added.
The ministry also announced an additional voluntary oil output cut of 1 million bpd for July, which could be extended further.
This would mean that the Kingdom’s production becomes 9 million bpd, and its total voluntary cut will be 1.5 million bpd in July, Saudi Press Agency reported.
The ministry said the additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries that aim to support the stability and balance of oil markets.
OPEC+ member countries also agreed a new output target of 40.46 million bpd from 2024, a statement issued by the group said.