Saudi Arabia reaffirms its commitment to uphold OPEC+ initiatives geared towards stabilizing the worldwide oil market, the Saudi government said in a statement following its routine cabinet meeting.
"The council stated that Saudi Arabia will continue supporting OPEC+ efforts to keep the global oil market stable. This includes our decision to keep reducing our oil production by 1 million barrels per day until the end of September," the Saudi Press Agency reported.
During the recent OPEC+ general ministerial meeting, member countries agreed on production levels until the end of 2024. Starting next year, production will be reduced from the quotas established in October 2022. This reduction is estimated to be around 1.272 million barrels per day (bpd) based on calculations by TASS. Additionally, certain OPEC+ nations, including Russia and Saudi Arabia, will collectively implement voluntary production cuts totaling 1.66 million bpd by the end of 2024.
On August 3, both Russia and Saudi Arabia announced the continuation of supplementary measures to ensure market stability. Saudi Arabia will maintain its voluntary 1 million bpd oil production cut in September, the same level as in July and August. Meanwhile, Russia will reduce oil exports in September, but the reduction will be 300,000 bpd instead of the 500,000 bpd seen in August.
GSV "Russia - Islamic world"
Photo: Richard Ricciardi/Creative Commons 2.0
Based on materials from TASS