Saudi Ministry of Energy extends voluntary reduction of one ‎million bpd until end of December

The Ministry of Energy announced that the Kingdom is continuing the voluntary reduction of one million barrels per day, which began in July 2023, and was later extended until the end of December 2023. Thus, the Kingdom’s production in December 2023 will be approximately 9 million barrels. Daily…

The source stated that the decision on this reduction will be reviewed next month, to consider extending the reduction, increasing the reduction, or increasing production.

The source also explained that this reduction is in addition to the voluntary reduction that the Kingdom previously announced in April 2023 AD and which extends until the end of December 2024 AD.

The source confirmed that this additional voluntary reduction comes to strengthen the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets.