Key Points
Saudi Arabia will extend a voluntary oil output cut of one million barrels per day for another month to include September, it said on Thursday, adding it could be extended beyond that or deepened...
"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," the source said...
OPEC+ agreed on a broad deal to limit supply into 2024 at its last policy meeting in June, and Saudi Arabia pledged a voluntary production cut for July that it has since extended to include August...
The Joint Ministerial Monitoring Committee is unlikely to tweak oil policy at its Friday meet, sources have said.. OPEC+, which pumps around 40% of the world's crude, has been limiting supply since late 2022 to support the market...
The Saudi voluntary cut announcement for July had come as a surprise at the June OPEC+ meeting in Vienna, where Riyadh shared little or no detail on the measure with other delegations prior to the announcement, OPEC+ sources have said.. Saudi Energy Minister Prince Abdulaziz bin Salman said in July that OPEC+ would "continue the effort at surprising markets" and do "whatever is necessary" to balance them...
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