Saudi Arabia will implement an additional voluntary cut in its oil production, amounting to one million barrels per day, starting in July for a month that can be extended, an official source in the Ministry of Energy announced on Sunday. This will put the Kingdom's oil production at 9 million barrel per day, and the Kingdom's total voluntary cut will be 1.5 million barrels per day. The source explained that the Kingdom's 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. "An official source in the Ministry of Energy in Saudi Arabia announced that, in addition to what was agreed upon in the OPEC+ meeting today, June 4, 2023, for the required production level for each country for the year 2024, and what the OPEC+ countries that previously announced in April voluntary cuts until the end of 2023 and extended their voluntary cuts until the end of 2024, the Kingdom will implement an additional voluntary cut in its oil production," the statement read. — SG
