Saudi Arabia To Extend Oil Output Cut By 500,000 B/D Until December 2024 - State Media

(@FahadShabbir)

Saudi Arabia to Extend Oil Output Cut by 500,000 B/D Until December 2024 - State Media

TUNIS (UrduPoint News / Sputnik - 04th June, 2023) Saudi Arabia will extend its voluntary oil production cut of 500,000 barrels per day until the end of 2024, state-run Saudi press agency SPA reported Sunday citing a source in the energy ministry.

The ministerial source from the oil-rich Gulf Arab state said the decision to maintain the cut until the end of December 2024 was a preventive measure agreed with countries that are part of the OPEC+ Declaration of Cooperation.

In July, Riyadh will reduce oil production by additional 1 million b/d with the possibility of further extension, the source added.