An official source from the Ministry of Energy announced that the Kingdom of Saudi Arabia will continue the voluntary cut of one million barrels per day, which went into implementation in July 2023 and was later extended until the end of December 2023. Thus, the Kingdom's production in the month of December 2023 will be approximately 9 million barrels per day.
The source stated that this voluntary cut decision will be reviewed next month to consider extending the cut, deepening the cut, or increasing production. The source also noted that this cut is in addition to the voluntary cut previously announced by the Kingdom in April 2023, which extends until the end of December 2024. The source confirmed that this additional voluntary cut comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets.
