Saudi Arabia’s Energy Ministry announced on Tuesday the kingdom will extend its voluntary oil production cut of one million barrels per day for another three months until the end of the year.
The kingdom’s oil production from October to December will be approximately 9 million barrels per day, it said, adding the decision to reduce oil production will be reviewed monthly to determine whether to deepen the cut or to increase production.
The kingdom’s voluntary cut of oil production was implemented in July and was extended to include August and September.
The ministry said the move aimed to reinforce OPEC+ countries’ precautionary efforts to stabilize and balance the oil markets.
OPEC+ countries refer to members of the Organization of the Petroleum Exporting Countries (OPEC) and other oil-producing countries.