Saudi Arabia on Tuesday extended its 1-million-barrels-per-day voluntary crude oil production cut until the end of the year, according to the state-owned Saudi Press Agency.
The reduction will put Saudi crude output near 9 million barrels per day over October, November and December and will be reviewed on a monthly basis.
The cut adds to 1.66 million barrels per day of other voluntary crude output declines that some members of the Organization of the Petroleum Exporting Countries have put in place until the end of 2024.
Fellow heavyweight oil producer Russia — which leads the contingent that joins OPEC nations in the OPEC+ coalition — also pledged to voluntarily reduce exports by 500,000 barrels per day in August and by 300,000 barrels per day in September.
OPEC Secretary-General Haitham al-Ghais has previously said that resorting to voluntary reductions outside of OPEC+ decisions does not suggest divisions in policy views among alliance members.
Persons:
Russia —, —, Alexander Novak, Haitham, Ghais
Organizations:
Saudi Press Agency, Organization of, Petroleum, Kremlin, Brent
Locations:
China, Saudi Arabia, Russia, Saudi, Riyadh, OPEC, London