Saudi Arabia to prolong its one million barrels per day voluntary production cut, until the end of the first quarter in 2024

Saudi Arabia intends to extend its voluntary production cut of one million barrels per day, which it started in July 2023, until the end of the first quarter of 2024, according to a statement released by the Ministry of Energy. This cooperative decision, which keeps the Kingdom's output at about 9 million barrels per day until March 2024, entails agreement with a few OPEC+ countries.

The statement made clear that this voluntary cut is in addition to the already announced 500 thousand barrels per day decrease that was announced in April 2023 and is scheduled to continue until the end of December 2024. The source emphasised that the OPEC Plus nations are taking collective precautions to support efforts to maintain the stability and balance of the world's oil markets, and this further voluntary cut is one of them.