Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman al-Saud gesture upon his arrival at the 8th OPEC International Seminar in Vienna on July 5, 2023Heavyweights Saudi Arabia and Russia, alongside several other key OPEC+ producers, will extend their voluntary crude supply cuts until the end of the second quarter.
Saudi Arabia will stretch out its voluntary crude production cut of 1 million barrels per day until the end of the second quarter, the state-owned Saudi Press Agency said Sunday, citing an official source from the country's Ministry of Energy.
Riyadh's crude production will be approximately 9 million barrels per day until the end of June, the announcement said.
Back in November, OPEC+ countries had held a formal policy of collectively reducing their output by 2 million barrels per day until the end of 2024.
Unlike formal policy changes, voluntary cuts do not require the group's unanimous consent during an official meeting and bypass the need to distribute production cuts or increases among OPEC+ members.
Persons:
Energy Prince Abdulaziz bin Salman al, Saud, Alexander Novak, —, Prince Abdulaziz bin Salman
Organizations:
Saudi, Energy, OPEC, Organization for, Petroleum, Saudi Press Agency, country's Ministry of Energy, Tass, Moscow, Google, INA, Hamas, Saudi Energy
Locations:
Vienna, Saudi Arabia, Russia, OPEC, Riyadh, Moscow, Russian, Iraq, UAE, Iran, Gaza, China, Aramco