BY Bunmi Aduloju
The Kingdom of Saudi Arabia says it will extend its voluntary oil output cut of one million barrels per day (bpd) until August, the Saudi Press Agency is reporting.
Quoting an official source, the SPA, in a report on Monday, said the kingdom will produce 9 million barrels of oil per day in August.
In April, Saudi Arabia and some members of the Organisation of Petroleum Exporting Countries (OPEC) and its allies, called OPEC+, announced voluntary cuts amounting to 1.66 million bpd.
Additionally, at the last meeting of the oil cartel in June, the Kingdom made another voluntary cut of one million bdp from July.
“An official source from the ministry of energy announced that the Kingdom of Saudi Arabia will extend the voluntary cut of one million barrels per day, which went into implementation in July, for another month to include the month of August that can be extended,” SPA said.
“In effect, the Kingdom’s production for the month of August 2023 will be approximately 9 million barrels per day.”
According to SPA, the cut is in addition to the voluntary cut announced by the kingdom in April 2023, which will last until the end of December 2024.
“The source confirmed that this additional voluntary cut comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets,” SPA added.
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