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Saudi Arabia extends voluntary oil production cuts

Arab World Materials 3 March 2024 21:45 (UTC +04:00)
Saudi Arabia extends voluntary oil production cuts
Ingilab Mammadov
Ingilab Mammadov
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BAKU, Azerbaijan, March 3. Saudi Arabia has extended its voluntary oil production cut of 1 million barrels per day until the end of the second quarter of 2024, an official source in the country's Ministry of Energy said, Trend reports.

According to information, this means that the country's oil production will remain at 9 million barrels per day until June.

It is reported that the reduced volumes will be returned to the market gradually depending on its condition. This is in addition to the previously announced production cut of 500 thousand barrels per day, which will remain in effect until the end of 2024.

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