Riyadh, March 3 (Xinhua) -- Saudi Arabia's voluntary production cuts of 1 million barrels per day since July 2023 will be extended until the end of June this year, the Saudi Arabian News Agency quoted the Saudi Ministry of Energy as reporting on March 3.
According to the report, after the production cut is extended, Saudi Arabia's oil production will be around 9 million barrels per day. These additional production cuts will then be gradually adjusted according to market conditions.
According to the report, the voluntary production cut is an additional production cut on the basis of the voluntary production cut announced by Saudi Arabia in April 2023, and is intended to support the "preventive efforts" of the "OPEC+" countries composed of OPEC members and non-OPEC oil producers to maintain the stability and balance of the international oil market.
Saudi Arabia announced in April 2023 that it would cut oil production by an average of 500,000 barrels per day starting in May 2023. On June 4, 2023, Saudi Arabia announced after the 35th OPEC+ ministerial meeting that it would cut production by an additional 1 million barrels per day for a month in July. Since then, Saudi Arabia has extended this additional production cut several times until the end of March this year.
Editor: Tan Huiting.