An official source at the Saudi Ministry of Energy announced that Saudi Arabia will extend its voluntary reduction of one million barrels per day, which began to be applied in July 2023, until the end of the first quarter of 2024, in coordination with some countries participating in the OPEC plus agreement, so the kingdom's production will be approximately 9 million barrels per day, until the end of March of 2024, and in support of market stability, these additional reduction amounts will be gradually restored, according to market conditions.
The source also indicated that this reduction is in addition to the voluntary reduction of 500 thousand barrels per day, which was 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.