Saudi Arabia will extend voluntary 1 million bpd oil cut through September

The agency cited an official source at the ministry of energy as saying the cut can be “extended, or extended and deepened”.

The kingdom’s production for September will be approximately 9 million barrels per day (bpd), the source said.

“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 agency quoted the source as saying.

At its last policy meeting in June, OPEC+ agreed on a broad deal to limit supply into 2024, and Saudi Arabia pledged a voluntary production cut for July that it has since extended to include August.

A panel from OPEC+, which includes members the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, is meeting on Friday.

The Joint Ministerial Monitoring Committee is unlikely to tweak oil policy during the meeting, sources have said.