Saudi Arabia plans to extend 1 million barrel a day oil cut through the end of the year
By The Associated Press on September 5, 2023.
DUBAI, United Arab Emirates (AP) – Saudi Arabia said Tuesday it will extend its voluntary production cut of 1 million barrels of oil a day through the end of the year. The announcement, carried by the state-run Saudi Press Agency, comes as the kingdom has been unilaterally cutting its output to try and boost sluggish crude oil prices. The announcement said Saudi Arabia still will monitor the market and could take further action if necessary. “This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets,” the Saudi Press Agency report said, citing an unnamed Energy Ministry official. Benchmark Brent crude traded Tuesday at $90 a barrel immediately after the announcement. 6-5
