Saudi Arabia to keep 1 million bpd production cut until December
Riyadh, October 4, 2023, An official statement from the Ministry of Energy has confirmed that the Kingdom of Saudi Arabia will maintain its voluntary reduction of one million barrels per day, which was initially implemented in July 2023 and subsequently extended until the conclusion of December 2023. As a result, Saudi Arabia's production for the forthcoming months of November and December is expected to remain at approximately 9 million barrels per day.
The statement further revealed that this decision to voluntarily curtail production will be subject to review in the upcoming month, with the possibility of either deepening the reduction or increasing production levels being considered. It should be noted that this voluntary cut is in addition to a previous reduction announced by the Kingdom in April 2023, which is set to continue until the end of December 2024.
The ministry emphasized that this supplementary voluntary reduction aligns with the collective precautionary measures undertaken by OPEC Plus member countries. The overarching objective is to bolster the stability and equilibrium of oil markets, underscoring Saudi Arabia's commitment to supporting these efforts.