2023-08-03 16:14:03
Saudi Arabia’s Energy Minister Abdulaziz bin Salman Al-Saud
Saudi Arabia voluntarily cuts its oil production for the third straight month.
(Photo: Reuters)
Frankfurt Saudi Arabia extends its unilateral oil production cut by another month. The country will now also voluntarily cut its production volume by one million barrels a day in September. This is reported by the state-owned Saudi Press Agency, citing an official source from the Ministry of Energy.
This confirmed that these further cuts should support the measures taken by the oil production organization Opec plus to stabilize the oil market. September will thus be the third month in a row that the largest member of the oil cartel has cut its oil production by one million barrels a day.
The UK originally decided to take this voluntary step at the meeting of the OPEC oil cartel in early June and announced that it could be extended every month. Saudi Arabia’s production will be around nine million barrels per day in September.
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