Saudi Arabia will extend its voluntary cut of 500,000 barrels per day until the end of December 2024

As a precautionary measure, Saudi Arabia will prolong its voluntary cut of 500,000 barrels per day to the end of December 2024, a ministry of energy official source said on Sunday. According to the official source, the decision was made in consultation with a few OPEC+ member nations.

According to the Ministry, this voluntary decrease from the necessary production level set at the 35th OPEC Plus ministerial conference on June 4, 2023