Saudi Arabia to continue voluntary oil production cut of 1 million barrels per day in December – Markets ReadingS


DUBAI: Top oil exporter Saudi Arabia will continue its voluntary oil production cut of 1 million barrels per day (bpd) until the end of the year, an official source in the energy ministry said on Sunday.

In his statement, the source said that according to the decision, Saudi Arabia’s production in December will be around 9 million barrels per day.

“This additional voluntary cut comes to strengthen the precautionary efforts of OPEC+ countries to support the stability and balance of oil markets,” the source said in the statement.

Oil calms down and posts weekly loss as geopolitical risk premium declines

Oil hit a 2023 high for Brent crude around $98 a barrel in September, but has since weakened to the point of trading around $85 a barrel on Friday. Despite the support of conflicts in the Middle East, concerns about economic growth and demand put pressure on prices.

Saudi Arabia first implemented the voluntary cut for July, in addition to the broad supply limitation agreement some OPEC+ members agreed to in April.

The Kingdom announced in September that it would extend the additional voluntary cut until the end of the year and would review the decision monthly.

Analysts had expected the kingdom to confirm it would extend the outage in December.

A decision taken in June by OPEC+, which includes the Organization of Petroleum Exporting Countries (OPEC) and allies such as Russia, already limits supply to 2024.

The alliance will meet on November 26.

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