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Several countries announced an extension of oil production cut

June 05, 2023

On June 4th, local time, according to the Saudi oil Ministry, in order to cooperate with the decision of the "Opec +" meeting, jointly maintain the stability of the international crude oil market, from July, will voluntarily cut oil production by one million barrels per day, that is, from the previous voluntary cut oil production by 500,000 barrels per day to 1.5 million barrels per day, for one month, the production cut measures can be extended.

Since May this year, Saudi Arabia has voluntarily cut production by 500,000 barrels per day. Two voluntary cuts will reduce Saudi production to 9 million barrels a day by July.

The United Arab Emirates (UAE) extended a voluntary oil production cut of 144,000 barrels per day (BPD) from the end of 2023 to the end of 2024 as a precautionary measure to balance oil market prices, the UAE state news agency reported on the evening of June 4th local time.