An official source in the Ministry of Energy in the Kingdom of Saudi Arabia announced that, in addition to what was agreed upon in the OPEC+ meeting today, June 4, 2023, for the required production level for each country for the year 2024, and what the OPEC+ countries that previously announced in April voluntary cuts until the end of 2023 and extended their voluntary cuts until the end of 2024, the Kingdom will implement an additional voluntary cut in its production of crude oil, amounting to one million barrels per day, starting in July for a month that can be extended, so that the Kingdom’s production becomes 9 million barrel per day, and the Kingdom’s total voluntary cut will be 1.5 million barrels per day.
The source explained that the Kingdom's 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.
