Saudi Arabia plans to extend voluntary barrel reduction to one million daily

Riyadh, August 03, 2023, In a recent announcement, a highly placed official from the Ministry of Energy revealed that the Kingdom of Saudi Arabia intends to prolong its voluntary reduction of one million barrels per day. This reduction, which was initially implemented in July, will now be extended for an additional month, encompassing the entirety of September. Furthermore, there is a possibility that this extension may be further prolonged and possibly even intensified. The Kingdom is set to achieve a production milestone in September 2023, with an estimated output of around 9 million barrels per day. In a recent report, a reliable source highlighted that the Kingdom's decision to reduce oil production has been further amplified. This reduction comes as an addition to the voluntary cut that was initially announced in April 2023. The voluntary cut, which was set to last until the end of December 2024, has now been supplemented by this latest measure. In a recent development, a reliable source confirmed that an additional voluntary cut is set to be implemented. The primary objective behind this move is to bolster the precautionary measures taken by OPEC Plus nations, all in an effort to maintain stability and equilibrium within the oil markets.