RIYADH: Saudi Arabia will continue with its voluntary output cut of 1 million barrels per day until the end of December, the Ministry of Energy announced on Sunday.
The ministry said in a statement that the cut would be reviewed next month to consider extending it, deepening it, or increasing production.
The move means the Kingdom’s oil production for December will be approximately 9 million bpd.
Aligned with the decision of the Organization of the Petroleum Exporting Countries, and its allies, known as OPEC+, Saudi Arabia, in April 2023 had decided to reduce output by 500,000 bpd.
In the statement, the Energy Ministry further added that this 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.
Meanwhile, on Sunday, Russia also said that will continue the additional voluntary supply cut of 300,000 bpd until the end of December 2023.
Russian Deputy Prime Minister Alexander Novak said that it will consider next month whether to deepen its voluntary export cuts or increase production.
Aligned with the decision of the OPEC+, Russia had agreed to make two output reductions in oil supply.
In April, Russia decided to cut crude output by 500,000 bpd until the end of 2024, while in August it said it would reduce exports by 300,000 bpd until the end of this year.
In September, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said that the international energy markets need light-handed regulation to limit volatility.
Prince Abdulaziz added that supply and demand forecasts regarding oil are not always reliable.
“It’s always better to go by my motto, which is, ‘I believe it when I see it.’ When reality comes around as it’s been forecast, Hallelujah, we can produce more,” he said.
In June, during an interview with CNBC, Prince Abdulaziz said that OPEC+ is “the most effective international organization” working to restore market stability.
