Saudi Arabia will extend the voluntary cut of one million barrels per day for August

Saudi Arabia has agreed to prolong its voluntary decrease of one million barrels per day for another month, for the month of August. According to an official source from the Ministry of Energy, the Kingdom will prolong the voluntary cut of one million barrels per day, which began in July, for another month, including August, which could be extended.

The Kingdom's output for August 2023 will be around 9 million barrels per day. According to the source, this cut 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, as per the source, is intended to supplement OPEC Plus members' precautionary actions to protect the stability and balance of oil markets.