Tuesday April 16, 2024

Saudi Arabia extends voluntary cut of oil production

Published : 03 Mar 2024, 22:35

  DF News Desk
Photo shows the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria. File Photo: Xinhua.

Saudi Arabia announced on Sunday the extension of its voluntary cut of oil production of 1 million barrels per day to support the stability and balance of oil markets, reported Xinhua, quoting the Saudi Press Agency.

The reduction was implemented in July 2023 until the end of the second quarter of 2024, in coordination with some countries of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, said the Ministry of Energy, according to the report.

The ministry said that the kingdom's production will be approximately 9 million barrels per day until the end of June 2024.

"To support market stability, these additional cut volumes will be returned gradually, subject to market conditions," the ministry added.

The ministry noted that this voluntary cut is in addition to the voluntary cut of 500,000 barrels a day previously announced by Saudi Arabia in April 2023, which extends until the end of December 2024.