Saudi Arabia extends oil production cut

Saudi Arabia

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.

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