Saudi Arabia decided to reduce oil production by another 1 million barrels per day in July 2023. At the same time, the country retains the possibility of further extension of this agreement. In this respect informs Local agency SPA, citing an official source from the kingdom’s energy ministry.
The kingdom will implement an additional voluntary oil production cut of 1 million bpd, which can be extended through July.
According to the agency, Saudi Arabia’s production will be 9 million barrels per day, with a total voluntary cut of 1.5 million barrels per day.
4 June, Deputy Prime Minister of the Russian Federation Alexander Novak discretion situation in the oil market. According to him, there is an increase in the demand for oil this year, especially in the summer months. In this regard, he noted that there was an increase in the number of road transport and air travel, as well as the increase in business and entrepreneurship in many countries. These are the positive factors affecting the growth in oil demand.
Prior to that, Novak announced the extension of the voluntary cut in oil production in Russia until the end of 2024. This decision was taken following the results of the OPEC+ ministerial meeting. He noted that the discount level will be calculated over the quota determined for 2024.