Saudi Arabia extends voluntary oil output reduction by 1 mln bpd to August
Saudi Arabia has decided to extend its voluntary oil production cut by 1 mln barrels per day that was initially planned for July, to August, the Saudi Press Agency reported citing a representative of the kingdom’s energy ministry on Monday.
In August, same as in July, Saudi Arabia’s oil production will total 9 mln barrels per day considering the reduction. The voluntary cut by 1 mln barrels per day is supplementary to the decision to reduce output by 500,000 barrels per day taken earlier, the agency said, adding that it might be extended for a longer period as well.
Consequently, Saudi Arabia’s output reduction in August will total 1.5 mln barrels per day.
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