Business
Saudi Arabia to extend voluntary cut of 1 mln bpd to August
Saudi Arabia will extend its voluntary cut of one million barrels per day (bpd) for another monthto include August, the Saudi Press Agency (SPA) reported on Monday.
The Kingdom’s production for the month of August will be approximately nine million barrels per day, SPA cited an official from the Ministry of Energy as saying.
The voluntary cut, which came into effect in July, comes to “reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets,” the official source said.
In June, Saudi Energy Minister Prince Abdulaziz bin Salman told Al Arabiya that the Kingdom will make deep production cuts in July after an OPEC+ meeting. At the time, Prince Abdulaziz said the cut of 1 million barrels per day (bpd) by Riyadh could be extended beyond July if needed.
Developing…