Saudi Arabia cuts oil production again for a longer period

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Saudi Arabia will continue to voluntarily reduce production by 1 million bpd until the end of the year.

Prior to this, the voluntary reduction was initially calculated for July, and then extended to August and September
Saudi Arabia has decided to continue implementing measures to voluntarily reduce oil production by 1 million barrels per day (b/d) until the end of 2023. This was reported by the Saudi Press Agency, citing an official source in the Kingdom’s Ministry of Energy.

Prior to this, the voluntary reduction was initially calculated for July, and then extended to August and September. Saudi Arabia then said it was extending its production cuts until the end of the year but would review the decision every month.

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