Saudi Arabia has decided to continue its voluntary cut of one million barrels per day

Saudi Arabia has decided to stick with its voluntary cut of one million barrels per day, which was first put into effect in July 2023 and then prolonged, to the end of December 2023. The Ministry of Energy released an official statement stating that this decision keeps the Kingdom's output at about 9 million barrels per day for December 2023.

According to the official source, a thorough evaluation of the effectiveness of this voluntary cut will be conducted the next month to decide whether to deepen, broaden, or modify the production cut. It was emphasised that this measure is a follow-up to the voluntary decrease that Saudi Arabia announced in April 2023 and will continue until December 2024. The source went on to say that this further voluntary cut is in line with the efforts of all OPEC Plus members to maintain the stability and balance of the world's oil markets.