Saudi Arabia has announced its decision to continue its voluntary reduction of one million barrels per day in oil production, a measure initially introduced in July 2023 and extended since. This move will be upheld until the end of December 2023. This means that Saudi Arabia will maintain its production at approximately 9 million barrels per day for December 2023. The Ministry of Energy clarified that a comprehensive review of the effectiveness of this voluntary cut will be conducted next month to determine whether to extend, deepen, or modify the production reduction. This measure is in addition to the voluntary cut announced in April 2023, which was slated to last until December 2024. The decision is part of Saudi Arabia’s commitment, along with OPEC Plus countries, to stabilize global oil markets.
