Saudi Arabia to extend voluntary 1-million-barrel-per-day crude oil production cut into September

Heavyweight lipid shaper Saudi Arabia volition widen a 1-million-barrel-per time voluntary crude lipid output chopped into September, successful the 3rd period of specified declines, the state-owned Saudi Press Agency said Thursday.

"In effect, the Kingdom's accumulation for the period of September 2023 volition beryllium astir 9 cardinal barrels per day," it said, citing a root from the Saudi ministry of energy.

The 1-million-barrel-per-day cut, which was besides implemented successful July and August, "can beryllium extended oregon extended and deepened," SPA said. It adds to 1.66 cardinal barrels per time of different voluntary accumulation declines that immoderate members of the Organization of the Petroleum Exporting Countries are putting successful spot until the extremity of 2024.