Saudi Arabia to continue voluntary oil cut of one million bpd until end of December

Saudi Arabia will continue with its voluntary cut of one million barrels per day for the month of November and until the end of December 2023, an official source from the Ministry of Energy said on Wednesday.

The Kingdom’s production for the months of November and December will hence be around 9 million barrels per day.

According to the source, the cut, which was introduced in July, will be reviewed next month to consider deepening the cut or increasing production.

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This cut is in addition to the voluntary cut announced by the Kingdom in April and which extends until the end of December 2024, the source said.

The source also reaffirmed that this additional voluntary aims to strengthen the precautionary efforts adopted by OPEC+ to help support the stability and balance of oil markets.

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