Saudi Arabia extends voluntary cut in oil production for another month
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Saudi Arabia will extend to August a voluntary cut in oil production by 1 million barrels per day (b / d) under OPEC +. This was reported Saudi Press Agency citing an unnamed official source in the Ministry of Energy of the kingdom.
Oil production in Saudi Arabia will remain at the level of 9 million b/d, the agency writes. “This additional voluntary cut is intended to reinforce the precautionary measures being taken by OPEC+ to keep oil markets stable and balanced,” the source said.
Russia, Saudi Arabia, Iraq, the UAE, Kuwait and other OPEC+ countries have agreed to reduce production in May by a total of 1.6 million b/d. Saudi Arabia later announced that it would voluntarily cut production by another 1 million b/d in July. These measures were taken to stabilize the oil market.
More details – in the material “Kommersant” “Are there limits to abbreviations”.
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