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Saudi Arabia extends voluntary oil cut of 1 million barrels per day until mid-2024

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Saudi Arabia announced on Sunday it would extend oil supply cuts through June.

An energy ministry source said Riyadh “will extend its voluntary cut of one million barrels per day, which was implemented in July 2023, until the end of the second quarter of 2024,” the official Saudi Press Agency reported.

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“Afterwards, in order to support market stability, these additional cut volumes will be returned gradually subject to market conditions.”

The decision was taken “in coordination with some OPEC+ participating countries.”

The extension was announced the same day Russia said it would cut its production by almost half a million barrels in the second quarter of 2024.

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Riyadh first announced its voluntary cut after an OPEC+ meeting in June 2023.

It followed a decision in April 2023 by several OPEC+ members to slash production voluntarily by more than one million barrels per day (bpd).

An energy ministry source announced Riyadh “will extend its voluntary cut of one million barrels per day, which was implemented in July 2023, until the end of the second quarter of 2024,” the official Saudi Press Agency reported.

-With AFP

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