Saudi Arabia will extend its voluntary oil output cut of one million barrels per day (bpd) for another month to include August, the state news agency SPA said on Monday.
“The kingdom’s production for the month of August 2023 will be approximately 9 million barrels per day,” the SPA quoted an official source from the Ministry of Energy as saying.
The source added that the voluntary cut could be extended beyond August.
The cut is in addition to the voluntary cut previously announced by Saudi Arabia in April alongside other OPEC+ producers, which extends until December 2024.
Saudi Arabia, the de-facto leader of OPEC, had pledged earlier this month to make a deep cut to its output in July, on top of a broader OPEC+ deal to limit supply into 2024 as the group sought to boost flagging oil prices.
OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, pumps around 40% of the world’s crude.
(Reporting by Maha El Dahan and Jana Choukeir; editing by Jason Neely and David Evans)