Saudi Arabia to extend its production cut of one million barrels of oil a day (bpd) through the end of September

Saudi Arabia said on Thursday that it will extend its one million barrels per day (bpd) output reduction until the end of September in a bid to revive faltering energy prices. According to an official source at the Ministry of Energy, Saudi Arabia will extend the voluntary cut of one million barrels per day that began in July for another month, to cover September.

"With the possibility of extending or extending and increasing this reduction, the Kingdom's production in September 2023 will be approximately nine million barrels per day," the ministry stated in a statement distributed by the Saudi Press Agency.

According to the source, this decrease is in addition to the voluntary cut announced by the Kingdom in April 2023, which will last until the end of December 2024. This new voluntary cut is intended to supplement OPEC+ members' precautionary steps to protect the stability and balance of oil markets.