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Saudi Arabia will extend voluntary oil cut of 1 mln bpd to include September: SPA

According to the agency, the cut can be "extended or extended and deepened"

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By Reuters

Published: Thu 3 Aug 2023, 5:16 PM

Saudi Arabia will extend a voluntary oil output cut of one million barrels per day for another month to include September, the state news agency SPA said on Thursday.

The agency cited an official source at the ministry of energy as saying the cut can be "extended, or extended and deepened".

The kingdom's production for September will be approximately 9 million barrels per day (bpd), the source said.

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"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 agency quoted the source as saying.

At its last policy meeting in June, OPEC+ agreed on a broad deal to limit supply into 2024, and Saudi Arabia pledged a voluntary production cut for July that it has since extended to include August.

A panel from OPEC+, which includes members the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, is meeting on Friday.

The Joint Ministerial Monitoring Committee is unlikely to tweak oil policy during the meeting, sources have said.

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Reuters

Published: Thu 3 Aug 2023, 5:16 PM

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