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11/30/2023, 6:02 PM (Source: TeleTrader)
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S. Arabia extends oil cut of 1M bpd until end of March

Saudi Arabia's Ministry of Energy confirmed on Thursday that it will extend the voluntary oil cut of 1 million bpd until the end of March 2024.

According to the government statement published by the Saudi Press Agency, the total production of the Kingdom will amount to about 9 million bpd by the end of the first half of next year.

Simultaneously, Algeria announced in a statement that it will reduce its oil output by 51,000 bpd. For their part, Kazakhstan and Kuwait approved production reductions of 82,000 bpd and 135,000 bpd, respectively, until the same date.

Baha Breaking News (BBN) / JG