Saudi Arabia extends voluntary cut of oil production

Saudi Arabia has announced its decision to extend the voluntary cut of oil production by one million barrels per day to September.

The voluntary cut that was planned for July will now also cover September, the Ministry of Energy said, adding that further extensions were possible.

The kingdom will produce approximately nine million barrels of oil daily in September.

The ministry said this cut is in addition to the voluntary cut of 500,000 barrels per day previously announced in April, extending through 2024.

The extension of the voluntary cut aims to reinforce efforts of OPEC+ countries to stabilise the oil markets, it noted.

OPEC+ countries refer to members of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies.