An official source from the Ministry of Energy announced that the Kingdom of Saudi Arabia will extend its voluntary cut of one million barrels per day, which was implemented in July 2023, until the end of the second quarter of 2024 in coordination with some OPEC+ participating countries. Therefore, the Kingdom's production will be approximately 9 million barrels per day until the end of June 2024. Afterwards, in order to support market stability, these additional cut volumes will be returned gradually subject to market conditions.
The source also noted that this voluntary cut is in addition to the voluntary cut of 500 thousand barrels a day 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.
