Saudi Arabia’s Energy Ministry announced on Tuesday that the country would extend its voluntary cut in oil production by 1 million barrels per day through the end of the year. The ministry stated that the kingdom’s daily oil production from October to December will be around 9 million barrels. The decision to continue reducing oil output will be reviewed on a monthly basis.
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Initially implemented in July, the voluntary production cut was designed to bolster OPEC+ countries’ efforts to stabilize and balance the oil markets. The cut was already extended to cover August and September. OPEC+ includes members of the Organization of the Petroleum Exporting Countries (OPEC) as well as other key oil-producing nations.