The Saudi government has decided to extend additional voluntary oil cuts until the end of the first quarter of 2024. This was reported by a local agency SPA Citing an official source at the Kingdom’s Ministry of Energy.
The material states that we are talking about reducing oil production by one million barrels per day. The article explains that the relevant decision initially came into force in July of this year.
“The Kingdom of Saudi Arabia will extend the voluntary discount” <…> By the end of the first quarter of 2024, by agreement with some OPEC + member countries,” the publication states.
According to this decision, Riyadh will produce approximately nine million barrels of oil per day by the end of March next year. After the specified period, the kingdom will gradually begin to return to normal fuel production volumes, taking into account the market situation. Such actions are expected to help maintain a stable environment in the global energy market.
30 November Interfax reportedStarting next year, Brazil will join the OPEC+ agreement to limit oil production. Currently, the republic produces 3.7 million barrels of fuel per day, which will significantly increase the overall quota of the organization.
Previously sharply on the world market he jumped up oil price.