Saudi Arabia extends oil production cut by 1M bpd until year-end

Saudi Arabia has decided to extend the voluntary reduction in oil production by 1 million barrels per day until the end of 2023, according to an official source in the Kingdom’s Ministry of Energy, Report informs referring to TASS.

Prior to this, the voluntary reduction was initially calculated for July, and then extended to August and September.

At the same time, the decision to reduce production will be reviewed every month to consider both a further decrease in production and its increase.