RIYADH: The Kingdom of Saudi Arabia (KSA) on Sunday announced it would cut oil output further by 1 million barrels per day. The Kingdom of Saudi Arabia (KSA) will extend its voluntary cut of 500,000 bpd until December 2024 in coordination with some nations participating in the OPEC+ agreement, the Energy Ministry of Saudi Arabia said on Sunday.
Saudi Arabia Will Extend Its Voluntary Cut Until the End of December 2024https://t.co/AtWMorRwYU pic.twitter.com/Wzm7P3nPBm
— وزارة الطاقة (@MoEnergy_Saudi) June 4, 2023
KSA to Extend 500,000 bpd Voluntary Cut: Energy Ministry
The ministry said that this voluntary decrease from the required production level was agreed upon at the OPEC+ meeting held on Sunday. In a statement, the ministry said that OPEC+ member nations also agreed a new output goal of 40.46 million bpd from 2024.
According to Arab media, it would mean that Saudi Arabia’s production becomes 9 million bpd, and its complete voluntary cut would be 1.5 million bpd in July. The ministry added the new voluntary cut comes to reinforce the efforts made by OPEC+ nations that aim to assist the balance of oil markets.
