Saudi Ministry of Energy announced on Sunday that Riyadh will be making a unilateral reduction in crude oil volume production, slashing another 1 million barrels per day in July, in addition to extending the voluntary production cut by 500,000 barrels per day until the end of 2024.
According to the statement, Saudi Arabia's oil production is expected to average 9 million barrels per day, bringing the Kingdom's voluntary production cuts to 1.5 million barrels per day, with the aim to "supprot the stability and balance of oil markets." The newly-announced cut will remain in place only in July, with the possibility of extending it later.
The United Arab Emirates Energy Minister Suhail Mohamed Al Mazrouei also announced that the country will slash production by 144,000 barrels per day until the end of 2024.
