Saudi Arabia extends voluntary cut in oil production


During the OPEC international seminar in Vienna, UAE Energy Minister Suhail Mohamed Al Mazrouei stated that Saudi Arabia’s decision to extend its voluntary cut in oil production was made with the best interests of the entire market in mind, rather than solely benefiting the kingdom.

In July, Saudi Arabia had initially announced a voluntary cut in oil production for the month, and later decided to extend this reduction of one million barrels per day into August.

According to Russian Deputy Prime Minister Alexander Novak, Russia will also participate in voluntary measures to stabilize the oil market by reducing oil exports by 500,000 barrels per day in August. This decision is aimed at maintaining a balanced oil market.

Leave a Reply

Your email address will not be published. Required fields are marked *