Media: Saudi Arabia extends voluntary oil production cut by 1 mln bpd

03 July 2023


Saudi Arabia has decided to extend for August the voluntary reduction of oil production by 1 million barrels per day (bpd), which was originally intended for July. This was reported by the Saudi Press Agency with reference to the representative of the Kingdom's Ministry of energy.

 

In August, as in July, the volume of oil production by Saudi Arabia, taking into account the reduction will be 9 million bpd. The report notes that the voluntary reduction of 1 million bpd is in addition to the earlier decision to reduce production by 500 thousand bpd and may be extended for a longer period.

 

Thus, the total volume of production reduction by the Kingdom in August will amount to 1.5 mln bpd.


After the OPEC+ meeting in Vienna on June 4, Saudi Arabia announced a voluntary reduction of oil production by 1 million bpd for July with the possibility of extending the measure. As the Saudi Press Agency reported citing a representative of the Kingdom's energy ministry, the additional reduction is a precautionary measure aimed at maintaining stability and balance in the oil market.

 

In addition, in May, several countries in OPEC+ began to voluntarily reduce oil production in a total of 1.66 million bpd, the share of Saudi Arabia was reduced by 500 thousand bpd. Initially, this measure was to last until the end of 2023. However, at the OPEC+ meeting, all the countries that supported the reduction extended it until the end of 2024.

 

 

GSV "Russia - Islamic world"

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Based on materials from TASS