Saudi Arabia to extend voluntary 1-million-barrel-per-day crude oil production cut into September

Heavyweight oil producer Saudi Arabia will extend a 1-million-barrel-per day voluntary crude oil output cut into September, in the third month of such declines, the state-owned Saudi Press Agency said Thursday.

“In effect, the Kingdom’s production for the month of September 2023 will be approximately 9 million barrels per day,” it said, citing a source from the Saudi ministry of energy.

The 1-million-barrel-per-day cut, which was also implemented in July and August, “can be extended or extended and deepened,” SPA said. It adds to 1.66 million barrels per day of other voluntary production declines that some members of the Organization of the Petroleum Exporting Countries are putting in place until the end of 2024.