Saudi Arabia extends oil production cut
RIYADH, August 7, 2023 – Saudi Arabia has extended its voluntary production cut of around 1 million bopd into September, Reuters reported on Thursday.
The country will continue to produce only 9 million bopd, with the possibility to extend and even deepen the production cut moving forward.
The cut follows a broad deal made by OPEC+ members in June 2023 to dampen oil production into 2024, which saw Saudi Arabia bring down its production from 10 million bopd to 9 million bopd for the month and extend the cut into August.
OPEC+ members produce around 40% of the world’s oil and have been limiting output since 2022.