The months of October through December 2023 will now be covered by Saudi Arabia’s decision to extend its voluntary cut of one million barrels per day in oil output for an extra three months.

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The Kingdom of Saudi Arabia will continue its voluntary decrease of one million barrels per day in oil output, according to an official statement from the Ministry of Energy. This reduction will now last a further three months, ending at the end of December 2023. It was initially implemented in July and later extended to include August and September. As a result, it is anticipated that the Kingdom’s oil output would remain at about 9 million barrels per day for the forthcoming months of October, November, and December

.The source emphasized that the decision to continue the voluntary output cut will be reviewed monthly, allowing for changes to be made as market conditions change, either to further reduce production or to boost it.It’s vital to note that this extension works in conjunction with the Saudi Arabian government’s previously announced voluntary cut, which will last until December 2024.

This further voluntary cut in oil output is in line with the efforts made by all of the OPEC Plus members to support the equilibrium and stability of the world oil markets.

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