The Saudi government supported the reduction of oil production in August
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Saudi Arabia has supported the extension of the voluntary cut in oil production until August. About this with reference to the decision of the government reported Saudi Press Agency (SPA).
“The Council of Ministers reaffirmed the kingdom’s commitment to step up measures taken by OPEC+ countries to maintain stability and balance in the oil market, including the announcement of an extension of the voluntary cut of 1 million barrels per day,” the message says.
The extension of the reduction in oil production to 1 million b / d for August was announced on July 3. The SPA agency clarified that as a result, in August, daily production in the country will amount to approximately 9 million barrels.
On June 4, at the meeting of the OPEC+ countries in Vienna, the alliance members agreed to reduce the total production quota by 1.6 million b/d to 40.46 million barrels from January 1, 2024. The OPEC+ agreement itself has been extended for a year, until December 31, 2024.
As Deputy Prime Minister Alexander Novak reported, Russia will voluntarily reduce the volume of oil exports in August by 500,000 bpd. He noted that the decision to reduce shipments abroad was made to support “efforts to ensure market balance.” The Deputy Prime Minister also specified that the Russian Federation would reduce oil production by 500,000 b/d in addition to its earlier commitments under the voluntary reduction in oil production.
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