Saudi Arabia will prolong its oil production cut by one month, the Saudi Press Agency (SPA) reported on Monday, citing an official source from the kingdom’s Ministry of Energy.
The cut of around 1 million barrels per day (bpd) was initially in effect until the end of July, but it has now been extended to August, the SPA reported, two days before a key OPEC event in Austria, which will see the attendance of energy ministers from the member states as well as industry CEOs.
The Saudi Ministry of Energy source said that the cut is in addition to the voluntary cut previously announced by Saudi Arabia in April, which extends until the end of December 2024.
The source said that the latest cut “comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets.”
