Saudi Arabia to continue oil production cut

Riyadh: The Kingdom of Saudi Arabia will continue to voluntarily cut oil production by one million barrels per day.

According to Saudi Press Agency (SPA), the production cut policy was implemented in July 2023 and was extended till the end of December 2023. Saudi Arabia's production will be around nine million barrels per day in December 2030.

It has been stated in the media reports that the cut decision will be reviewed next month to consider whether to continue the voluntary cut, increase the cut or increase production.

It is also reported that this decision is in addition to the voluntary reduction that was announced in April 2023 and will continue until the end of December 2024.