Saudi Arabia extends voluntary oil production cut until end of 2023

Riyadh: Saudi Arabia will maintain its voluntary production cut of one million barrels per day until December 2023 to stabilise global oil markets.

The decision keeps production at around 9 million barrels per day. A review of the cut's effectiveness will be conducted next month, considering potential extensions, deeper cuts, or adjustments.

This decision builds upon the voluntary cut announced in April 2023, set to persist until December 2024.

Saudi Arabia's commitment aligns with OPEC Plus countries' efforts to maintain market stability and equilibrium. OPEC Plus countries comprise members of OPEC and ten other leading oil producing countries that are not members of OPEC, including Russia who co-operate with OPEC in efforts to support crude oil prices in the international market.