RIYADH, – Saudi Arabia announced Thursday extending its voluntary reduction of oil production by one million barrels per day (bpd) until the end of the first quarter of 2024.

The reduction, which started in July 2023 until the end of the first quarter of 2024, will be extended in coordination with some countries parties to the OPEC+ deal, Saudi Press Agency (SPA) quoted an official source at the Ministry of Energy as saying.

Under this cutting, Saudi Arabia’s oil production will hits about 9 million barrels per day until the end of March 2024, in support to the stability of market, it noted.

This cutting is an additional to voluntary reduction estimated at 500,000 bpd previously announced by the Kingdom in April 2023 that will last until the end of December 2024, it said.

This additional cutting comes to enhance precautionary measures made by OPEC+ countries with the aim of backing stability and balance of oil markets, the source pointed out.

Source: Kuwait News Agency