Arab News, Monday, Jun 05, 2023 | Thul-Qidah 16, 1444
Saudi Arabia to cut oil output in July, extend OPEC+ voluntary cut until end of 2024
Saudi Arabia:
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.