Saudi Arabia announces oil production cuts for next 2 months
Saudi Arabia will continue the voluntary cut of oil production of one million barrels per day (bpd) starting November until the end of December 2023, a Ministry of Energy source has told the Kingdom’s official Saudi Press Agency (SPA).
The move means Saudi Arabia’s production for the final two months of the year will be approximately 9 million bpd.
“The source indicated that the decision on this reduction will be reviewed next month, to consider increasing the reduction, or increasing production,” said the SPA report.
This reduction is in addition to the voluntary reduction that the Kingdom had previously announced in April and which extends until the end of December 2024.
The source confirmed that this additional voluntary reduction comes to strengthen the precautionary efforts made by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, with the aim of supporting the stability and balance of the market.
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