Ministry of Energy announces extension of Kingdom’s ‎voluntary cut of 1 million bpd to Q1-end

An official source in the Ministry of Energy announced that the Kingdom of Saudi Arabia will extend its voluntary reduction of one million barrels per day, which began in July 2023, until the end of the first quarter of 2024, in coordination with some countries participating in the OPEC Plus agreement. Thus, the Kingdom’s production will be approximately 9 million barrels per day, until the end of March 2024 AD, and to support market stability, these additional reduction quantities will be restored gradually, according to market conditions.

The source also indicated that this reduction is in addition to the voluntary reduction of 500 thousand barrels per day, which was previously announced by the Kingdom in April 2023, and which extends until the end of December 2024.

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.