An official source at the Ministry of Energy announced that the kingdom of Saudi Arabia will extend the voluntary reduction of one million barrels per day, which began to be applied in July this month for another month, to include the month of August with the possibility of extension, thus the kingdom's production in August 2023 will be approximately 9 million barrels per day, the source explained that this reduction is in addition to the voluntary reduction previously announced by the kingdom in April 2023 and extended until the end of December 2024.
The source stressed that this additional voluntary reduction comes to enhance the precautionary efforts exerted by OPEC plus countries in order to support the stability and balance of oil markets.