An official source at the Saudi Ministry of Energy announced that the kingdom will extend the voluntary reduction of one million barrels per day, which began to be applied in July 2023, and was extended to include the months of August and September, for another three months, that is, until the end of December of 2023, so the kingdom's production in the coming months of October, November and December will be approximately 9 million barrels per day.

The source pointed out that the decision of this reduction will be reviewed, on a monthly basis, to consider further reduction, or increase production.

The source also explained that this reduction is in addition to the voluntary reduction previously announced by the kingdom in April of 2023 and extended until the end of December of 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.