Saudi Arabia will extend its voluntary oil production cut of one million barrels per day

The source also noted that this voluntary cut is in addition to the voluntary cut of 500000 bpd previously announced by the Kingdom in April 2023, which extends until the end of December 2024.

The source confirmed that this additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries to support the stability and balance of global oil markets. The source said that this voluntary decrease is on top of the 500000 bpd voluntary cut that the Kingdom had previously declared in April 2023 and that will remain in effect until the end of December 2024. 

According to the source, the purpose of this additional voluntary cut is to maintain the stability and balance of the world's oil markets by reinforcing the precautionary measures taken by OPEC+ members.