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10/12/2023, 9:29 AM (Source: TeleTrader)
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S. Arabia to extend output cuts until year end

Saudi Minister of Energy Prince Abdulaziz bin Salman (pictured) revealed in an interview with Rossiya-24 on Thursday that Riyadh is intending to extend voluntary oil output cuts until the end of the year.

The minister clarified that Riyadh is closely monitoring the market, adding that the country's actions regarding production cuts or supply increases will depend on the market's trends. "Maybe another month, two, four, five. As long as it takes time to so that we can ensure that we behave accordingly to ensure calm in the market, in order to bring stability to the market," he added.

Earlier, Russian Deputy Prime Minister Alexander Novak announcend during the Saudi minister's visit to Moscow for Russian Energy Week, that Russia decided to raise its petroleum supply to Saudi Arabia.

Baha Breaking News (BBN) / AB