Saudi Arabia announces additional voluntary oil production cut

RIYADH - Saudi Energy Ministry announced on Sunday an additional voluntary cut in its production of crude oil.

The reduction amounts to one million barrels per day, starting in July for a month that can be extended, the Saudi Press Agency reported.

The Saudi oil production will become 9 million barrels per day, and its total voluntary cut will be 1.5 million barrels per day, according to the ministry.

It said that the additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets.

The reduction is also in line with the agreement reached in the OPEC+ meeting in Vienna on Sunday. The organization announced in a statement to adjust the level of overall crude oil production to 40.46 million barrels per day over January to December 2024.