Saudi Arabia will extend its voluntary oil production cut of one million barrels per day for additional three months

The Saudi Arabian government has officially announced that it will continue to reduce its oil output by one million barrels per day for an extra three months. This price cut was initially put into effect in July and then continued throughout August and September. The extension will now conclude at the end of December 2023 after an additional three months. As a result, Saudi Press Agency announced that the Kingdom's output for the forthcoming months of October, November, and December is anticipated to be around 9 million barrels per day.

The source made it clear that this choice to keep the voluntary decrease will be subject to monthly evaluations, allowing for modifications to further the reduction or boost output as needed. The source also emphasised that this cut is in addition to the voluntary one that the Kingdom announced in April 2023 and that is still in force through the end of December 2024.

Saudi Arabia's commitment to supporting the preventative measures taken by OPEC Plus members is reflected in this extra voluntary decrease. The stability and balance of the world oil markets are supported by these measures.